Decision details

As outlined in the Strategic Asset Management Plan (SAMP) 2017 – 2021, the corporate portfolio is under review to ensure that the Council only retains assets that support corporate priorities and deliver value for money.

This report identifies assets that:

? Are held on the investment portfolio but do not produce a good return of income;

? Are aging property on the investment portfolio that require repair and capital investment but, should this be completed, it will not improve the return on income;

? Are held on the investment portfolio but have been identified as a community asset transfer. Cabinet are asked to consider each asset and make a decision on the recommended way forward.

1)  To progress the property and land as listed in Annex 1 (with the exception of Land between Montefiore Lodge and the Old Stable Block ’King George VI Park, Ramsgate and the Walpole Bay former lift) through the disposal framework to achieve either a capital receipt or income generation. With respect to Marina Road Car Park, the first priority is to be given to exploring leisure use options for the site toward income generation opportunities.

2)  To progress the property and land through the community asset transfer framework as listed in Annex 2

To support these aims and strategies, there is an ongoing review of the corporate portfolio to identify assets that are not meeting the corporate objectives and therefore should be considered for disposal.

The property and land below have been fully appraised and are considered suitable for either obtaining a capital receipt or benefiting the community by way of community asset transfer.

Cabinet could choose to retain some or all of the property and land, but should be aware that this will result in unplanned repairs and management costs, and risk destabilising the Medium Term Financial Strategy.

The preferred and recommended options are as documented at the top of this report and are agreed subject to the exclusion of the Land between Montefiore Lodge and the Old Stable Block ’King George VI Park, Ramsgate and the Walpole Bay former lift