The report will recommend the disposal of the investment asset at 60 Vulcan Way, Croydon, CR9 0DB. The report is required as the value of the disposal is over £1,000,000. This asset has been fully marketed by Savills and is now under offer.
The decision required is to approve the disposal.
Decision type: Key
Reason Key: Expenditure > £1,000,000;
Decision status: Recommendations Approved
Wards affected: New Addington South;
Notice of proposed decision first published: 26/01/2024
Reason for urgency:
The disposal of this asset was approved in the 24 May 2023 Cabinet Meeting, has been fully marketed and has now gone under offer and in solicitor’s hands for a value more than £1,000,000. The decision is time sensitive as legals have been agreed by both parties and we are now able to exchange, with a completion set for 10 working days thereafter.
Anticipated restriction: Part exempt - View reasons
Financial Impact: Expenditure or savings of over £5,000,000;
Decision due: 5 Feb 2024 by Corporate Director of Resources (Section 151)
Lead member: Cabinet Member for Finance
Lead director: Corporate Director of Resources (Section 151)
Department: Resources Directorate
Contact: Robert Lines, Interim Head of Property Services Email: robert.lines@croydon.gov.uk.