Decision details

To dispose of the freeholds of 12 St James Street & 14 St James Street, Cheltenham, GL52 2SH.

As part of the councils continued monitoring of its property portfolio and management of assets, in accordance with the council’s adopted Strategic Asset Management Plan, both 12 St James Street and 14 St James Street have been identified for individual disposal, taking into account:

-   Location

-   Rental income and future growth expectations

-   The condition of the properties and requirements for future capital expenditure, with little potential for enhanced value

-   The lot size of each property and need to direct resources more effectively

Following the outcome of the review both properties were approved for disposal by the Asset Management Working Group on 23 June 2022.

The properties were marketed via a tendering process for a period of six weeks, from 23 August to 30 September 2022. The Council received five offers for both of the properties, as set out in the attached briefing note.

The offers have been reviewed by the Property Estates Surveyor and it is recommended that the council accepts the offers as set out in the attached briefing note.

Do Nothing: Both properties have limited redevelopment potential and will require substantial capital investment in order to continue to be leased to occupiers, with limited financial returns to support such future investment.

Further, with the need to target resources toward the wider portfolio, the overall level of returns are considered inefficient.

In terms of any future strategic redevelopment, there are none to which these properties could influence within the wider area.

Not applicable.

Not applicable.