Decision details
Asset Management - Out of District Investment Properties
Decision Maker: Cabinet
Decision status: Recommendations Approved (subject to call-in)
Is Key decision?: No
Is subject to call in?: Yes
Purpose:
To seek Cabinet's approval to pursue options
for the disposal of out of district investment
property(ies)
Decision:
The purpose of the item was to seek Cabinet's approval to pursue options for the disposal of out-of-district investment properties.
The Leader of the Council, Councillor Mike Evemy stated that the public should not be excluded from consideration of the item and that it would be taken in open session. Members were reminded that exempt annexes were included in the agenda, but that discussion should be limited to the contents of the main report only.
It was noted that the item had previously been considered by the Overview and Scrutiny Committee, which had met in private session, it was further noted that the Overview and Scrutiny Committee had indicated support in principle for the recommendations.
Councillor Patrick Coleman, Cabinet Member for Finance, introduced the report in relation to the Council’s three out-of-district investment properties, which were acquired in 2010 following funding approval in 2009 to generate a stable rental income stream. It was noted that the properties comprised retail assets within the commercial sector and that their financial performance had declined in recent years. Reference was made to wider market conditions, including structural changes within the retail sector following the COVID-19 pandemic and evolving consumer behaviour, which had contributed to reduced returns and increased risk exposure. It was further noted that this reduced level of income had already been reflected within the Council’s medium-term financial planning.
It was reported that, having regard to financial performance, prevailing market conditions, and the Council’s Asset Management Strategy, the continued holding of the assets would result in reduced ongoing revenue income and increased exposure to risk, and that their disposal was therefore considered appropriate. In addition, it was noted that the proposed approach could assist in simplifying the Council’s asset position in the context of potential local government reorganisation.
The report therefore sought Cabinet approval to actively market the properties for disposal in line with the Council’s Asset Management Strategy.
The recommendations were proposed by Councillor Patrick Coleman and seconded by Councillor Mike Evemy.
Cabinet RESOLVED to:
1. Approve the recommendation to actively market all three out-of-district investment properties for disposal.
2. Delegate to the Strategic Head of Housing, Property and Assets to progress negotiations with support from the Assistant Director – Legal Services.
Voting record:
7 For, 0 Against, 0 Abstentions.
Councillor Dale, attending virtually, was not eligible to vote.
Report author: David Stanley
Publication date: 05/06/2026
Date of decision: 04/06/2026
Decided at meeting: 04/06/2026 - Cabinet
Date comes into force if not called in: 13/06/2026
Call-in deadline date: 12/06/2026
Current call-in Count: 0
Accompanying Documents:
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