Issue - meetings

Report of the Director of Placemaking and Housing.To be introduced by the Cabinet Member for Council Housebuilding, Placemaking, and Local Economy.

Proposal to dispose of vacant industrial unit at 3 Shaftesbury Road, N18 1SQ.

The Cabinet Member for Council Housebuilding, Placemaking, and Local Economy introduced the report, which sought approval for the disposal of a property held in the General Fund located at 3 Shaftesbury Road, N18 1SW.

It was noted that since the introduction of the Strategic Asset Management and Property Improvement Plan (SAMPIP) in April 2023, the Council had been implementing the plan and was initiating its Corporate Property Model. The recommendation to dispose of 3 Shaftesbury Road represented these improvements in action.

SAMPIP was used as a guide for best practice and to assess best value. All Council owned properties were under review so that each could be assessed, and various options explored including retention, investment, or disposal. In the case of Shaftesbury Road, the decision to dispose represented the optimum financial outcome for the property.

In response to questions from Cllr das Neves and Cllr Cawley-Harrison, the following information was provided:

• At the time of the purchase of the property, the market value assessments were deemed to have been robust.
• It was noted that it would not be in the Council’s interest to disclose details publicly around the expected value of the property, as it would be going through a competitive tendering process.
• In regard to wider engagement around the Strategic Asset Management plan, there would be more engagement with businesses across all properties and with the community in terms of what the needs would be.
• In terms of costings, the holding costs were outlined in the exempt section of the report.

Further to considering, the exempt information set out at item 26.

RESOLVED

1. To agree the disposal of the freehold interest in the Property known as 3 Shaftesbury Road, N18 1SW (and shown edged red on the plan in Appendix 1) on the open market and for a price that would represent best consideration, and

2. To delegate authority to the Director of Placemaking and Housing after consultation with the Leader and the Cabinet Member for Council Housebuilding, Placemaking and Development, to agree the final price and the contract terms for the disposal of the Property (subject to a minimum price threshold contained within paragraph 3.1.b). of the exempt report).

Reasons for decision

Following Cabinet approval in December 2019 (report attached at Appendix 2), the Property was purchased in July 2020 for General Fund purposes. The acquisition represented an important step in attempting to unlock ‘Phase B’ of the masterplan for the High Road West Scheme (“the Scheme”). The Council was required to demonstrate availability of alternative premises within the locality to allow for businesses to relocate and enable the latter phase (Phase B) of the development to be delivered, (see paragraph 4.4 below). Phase B comprises the part of the Scheme that is north of White Hart Lane, including the Peacock Industrial Estate.

[This information is contained in the exempt report]

The Property was marketed to light industrial businesses on the Peacock Industrial Estate between December 2020 and June 2021. Despite the proactive approach taken by the Council and  ...  view the full minutes text for item 14