To agree to the disposal of the property asset known as Saxon House, Broadstairs, Kent and delegate authority to:
1. The Director of Infrastructure in consultation with the Deputy Leader and Cabinet Member for Finance, Corporate and Traded Services, tofinalise the contractual terms of the disposal.
2. The Director of Infrastructure to authorise the execution of necessary contractual and land agreements required to implement the above.
Reason for the decision:
The property is surplus to the Councils requirement with an estimated transaction value in excess of £1million and is therefore a key decision.
The land was previously used by Kent County Council (KCC) for educational purposes until the new Foreland Fields School opened in 2017. The site is surplus to the ongoing operational requirements of the Council and is being progressed for disposal. The property comprises of a site totalling 0.59 Hectares (1.46 acres), with an existing single storey educational building of 1980/90’s construction and outbuilding and a grassed open space. Saxon House is situated in Broadstairs on the Kent Coast.
A pre-marketing process was undertaken, and an advert placed in the Estates Gazette on 19 February for one week, providing notification in the mainstream property media that the site is coming forward. This resulted in several expressions of interest. Subsequently the property has been formally marketed with external agents and initial bids are to be received by 25 March 2022.
· KCC has considered the building for its own use, but it is not required.
· Disposal of the asset.
How the proposed decision supports the Interim Strategic Plan:
The disposal of the site will enable the Council to secure a capital receipt to fund reinvestment the capital priorities as set out in the Medium-term Financial Plan.
Decision type: Key
Reason Key: Expenditure or savings of more than £1m;
Decision status: Recommendations Approved
Division affected: Broadstairs;
Notice of proposed decision first published: 05/04/2022
Anticipated restriction: Part exempt - View reasons
Decision due: Not before 23rd Feb 2023 by Deputy Leader and Cabinet Member for Finance, Corporate and Traded Services
Lead director: Rebecca Spore
Department: Strategic & Corporate Services
Contact: Alister Fawley, Principal Investment and Disposals Email: email@example.com.
The proposed decision was considered and endorsed by the Policy and Resources Cabinet Committee on 11th October 2022.
Financial implications: Anticipated capital receipt over £1m, in line with Council’s s.123 best consideration obligations following an open marketing process. The sale of the property will result in a capital receipt for KCC which will be used to support the Council’s Capital Programme. Disposal of the property will produce a saving on the current holding costs.
Legal implications: External legal advisors will be appointed in consultation with General Council.
Equalities implications: There are no equality implications. As part of this authority process and in the handling of the marketing and conveyance Data Protection is observed.