PURPOSE

1. For the Audit and Performance Committee to note the ongoing work related to the Property Capital Receipts Programme.

BACKGROUND

2. This is the monthly report to the Audit and Performance Committee setting out a list of properties that are likely to be made available to the market during the financial year 2007/2008, together with further properties that might become available during the following two financial years.

3. This list details the address/location of the property, the reason for and method of disposal, and the current position.

4. This report should be read in conjunction with that presented to the Audit and Performance Committee on 10 April 2007.

CONSULTATION

5. Consultation takes place in respect of individual property disposals as and when required.

LEGAL IMPLICATIONS

6. The Council have the power to dispose of property for best consideration under Section 123 of the Local Government Act 1972.

EVALUATION AND RISK MANAGEMENT

7. Option appraisal, evaluation and risk management will be assessed in respect of each individual property brought forwards for disposal at the relevant time.

RECOMMENDATIONS

THAT : The Committee note the ongoing work related to the Property Capital Receipts Programme.

APPENDICES

Appendix 1 – The Capital Receipts Programme as at April 2007.

Contact Point : Barry Cooke, Corporate Property Manager, tel: 01983 823266, email: [email protected]

JOE DUCKWORTH

Chief Executive

COUNCILLOR GEORGE BROWN

Cabinet Member for Economy, Tourism, Assets and Planning

APPENDIX 1

Capital Receipts Programme

Year 1 - 2007 to 2008 and Years 2 and 3 – 2008 to 2010

As at April 2007

No.	Description	Reason For Sale	Method of Sale	Current Position	Year
1.	Chale – Fernside, Blythe Shute	Maximise capital receipt and release surplus asset.	Open Market	Sale agreed subject to Delegated Decision.	1
2.	Chale – Recreation Ground off the Military Road	Maximise capital receipt and release surplus asset.	Special Purchaser	Sale agreed to Chale Parish Council at £44,000. Solicitors instructed.	1
3.	Newport – Carpenters Quay	Maximise capital receipt, release surplus asset and regeneration of Newport Harbour.	Open Market	Scheme being prepared in-house for outline planning application.	1
4.	Ryde – Green Street Car Park	Enable redevelopment of hostel accommodation in support of IWC Housing and Homeless Strategy	Special Purchaser	Proposed land swap, subject to planning, at nil consideration. On hold.	1
5.	Newport - 17 Quay Street	Accommodation rationalisation and maximise capital receipt.	Open Market	Leisure Services to be relocated to the Guildhall.	1
6.	Newport – St Johns Road	Maximise capital receipt and enable special needs housing.	Open Market	Agreement needs to be reached with Scout Group over rights of access and enabling works.	1
7.	Newport – St Nicholas House	Maximise capital receipt and release surplus asset.	Open Market	Outline consent gained for 14 houses. Fire Service HQ to be relocated.	1
8.	Newport – Parkhurst Road (former Library HQ)	Maximise capital receipt and release surplus asset.	Open Market	Joint scheme with Prison Service. Roadways still to be negotiated before planning application.	1
9.	Newport – St Georges School (access)	Maximise capital receipt and enable development.	Special Purchaser	Negotiations in hand with adjacent landowner to improve access to residential scheme	1
10.	Ryde – Wrafton House	Maximise capital receipt and release surplus asset.	Open Market	Currently on the market	1
11.	Sandown – Woodview Cottage, Borthwood	Maximise capital receipt and release surplus asset.	Open Market	Sale agreed, subject to Delegated Decision	1
12.	Shanklin – Spa Site	Maximise capital receipt, release surplus asset and enable redevelopment and regeneration.	Open Market	Agents instructed to commence marketing the site.	1
13.	Shanklin – Sibden Hill Site	Maximise capital receipt, release asset and enable residential development.	Open Market	Scheme to be considered and outline planning application submitted prior to disposal.	1
14.	Shanklin – Hillbury House	Maximise capital receipt and release surplus asset.	Open Market	Awaiting surrender of lease from Housing Association prior to marketing.	1
15.	Totland – Suffolk House	Maximise capital receipt and release surplus asset.	Open Market	Awaiting surrender of lease from Housing Association prior to marketing.	1
16.	Whippingham – Crematorium Lodge	Accommodation rationalisation, maximise capital receipt and release surplus asset.	Open Market	Declared surplus. Planning application for additional building plot to be submitted.	1
17.	Cowes – Parklands	Maximise capital receipt and release asset to enable relocation of service.	Open Market	Opportunity to be investigated.	2
18.	Cowes – St Andrew’s Community Hall	Enable redevelopment of hall for continued and expanded community usage	Special Purchaser	Preliminary discussions held with community group regarding continued community use of building pending possible redevelopment of purpose built facility.	2
19.	East Cowes – Access off Whippingham Road to Kingston Site	Maximise capital receipt and enable development.	Special Purchaser	£1.3m balance to be paid in July 2008.	2
20.	Newchurch – Sunnycrest Nursery Bungalow	Maximise capital receipt and release surplus asset.	Open Market	Awaiting instructions from new Director of Adult Services.	2
21.	Newport – Blackhouse Quay	Maximise capital receipt, release surplus asset and regeneration of Newport Harbour.	Open Market	Collaboration Agreement in negotiation with two other landowners. Once signed a planning application is to be submitted.	2
22.	Newport – Kitbridge School (access)	Maximise capital receipt and enable development.	Special Purchaser	In negotiations with developer for access over school field.	2
23.	Newport – Pan Extension	Maximise capital receipt and enable residential and employment development.	Open Market	Enabling/background work in progress.	2
24.	Newport – South Street Car Park	Maximise capital receipt and enable retail development.	Open Market	Re-visit possible disposal of site for retail development.	2
25.	Sandown – Culver Parade	Maximise capital receipt, release asset and enable regeneration.	Open Market/ Special Purchaser	Possible Collaboration Agreement with other major landowner to bring scheme forward with sale to JV partner to follow.	2
26.	Ventnor – Signal House at Botanic Gardens	Maximise capital receipt and release surplus asset.	Open Market	Awaiting confirmation of declaration ‘surplus to requirements’.	2
27.	Newport – County Hall and Newport Harbour	Maximise capital receipt, regeneration of Newport Harbour and County Hall sites and enable relocation of Council.	Open Market	Option appraisals currently being investigated.	3
28.	Newport – Standen Heath Farmhouse	Maximise capital receipt and release surplus asset.	Open Market	Dilapidated and vacant. Not yet declared surplus to requirements.	3
29.	Residential Rationalisation	Maximise capital receipts and release surplus assets as residential tenants vacate.	Open Market	Awaiting tenants vacating properties.	3
30.	Ryde Arena	Maximise capital receipt.	Special Purchaser	Ryde Arena wish to redevelop the ice rink to national standards to include hotel/conference facilities/residential.	3
31.	Ryde – Business Park off Nicholson Road	Maximise capital receipt and support employment regeneration.	Open Market	Investigations on-going into feasibility of extending infrastructure to expand Ryde Business Park.	3
32.	Shanklin – Hope Road Promontory	Maximise capital receipt, release asset and enable regeneration.	Open Market	Awaiting research into possible marina off Hope Beach.	3
33.	Whippingham – Community Centre, Alverstone Road	Maximise capital receipt and assist Community Association.	Special Purchaser	New ground lease offered. Awaiting response from Community Association.	3

Important Note: Inclusion of a property on this list does not guarantee that it will be declared surplus and offered for disposal. Please do not assume therefore that all of these properties will be sold.