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Search the Public Notice PortalTOWN Hall chiefs have been updated on an “urgent” decision over the sale of a building – with the council leader highlighting it generated a “significant capital receipt”.
A report on the decision came before the cabinet at its meeting on Wednesday.
It stated an “urgent” decision by the council leader was made on March 14 which agreed to approve the sale of the Savoy Building in the town centre, on Bridge Street, at the agreed purchase price of £738,000, and authorise the assistant director of legal and democratic services to ‘prepare and execute the necessary legal documentation’ pursuant to this.
As recommended, the cabinet “noted” the decision.
During the meeting, council leader Cllr Anthony Burns said the sale generated a “significant capital receipt” for the council.
The report said: “The alternative would be to delay completion and submit a report to cabinet on April 23, 2025, seeking approval to the sale.
“The council would, however, effectively be in breach of the contract for sale allowing the buyer to withdraw with the risk of losing this significant offer.
“In this event, the council would have to readvertise the property for sale with no guarantee that any subsequent sale would result in an offer of this value.
“The proposed disposal of the Savoy Building complies with the council’s Land and Property Disposal Procedure Rules (L&PDPR), in so far as the property is being sold following bidding at a public auction, which is one of the principal methods of disposal under the L&PDPR.
“Public auction was the appropriate method of disposal to bring about a quick conclusion for an unusual property.
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“It is also in the council’s interest to conclude an early sale as the property currently stands vacant and may deteriorate if left over a longer period.
“The disposal of the property by public auction satisfies the council’s obligation under section 123 of the Local Government Act 1972 ‘to obtain the best consideration reasonably achievable’.
“Bringing the property back into a beneficial use through sale, will have a positive impact on the town centre in support of the wider regeneration activity taking place.”
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