Forward plan

The Colonnades, 619 Purley Way, Croydon CR0 4RQ - Asset Disposal New!

Decision maker:  Corporate Director of Resources (Section 151)

Decision:   Not before 4th Dec 2023

Lead officer:  Huw Rhys-Lewis

Decision status:  Recommendations Approved

Notice of proposed decision first published: 04/12/2023

This decision will be taken under urgency procedures.

Reason for urgency:
The disposal of this asset formed part of Tranche 1 – which was approved in the 24 May 2023 Cabinet Meeting. has been fully marketed and has now gone under offer and in solicitors hands for a value in excess of £1,000,000. A previous decision was made on 9th of October and a further decision is required to approve the disposal at a lower figure.

The decision is time sensitive as legals have been agreed by both parties and we are now in a position to exchange based on a revised figure, with a completion set for 10 working days after.

Any delays in allowing both parties to enter into contract runs the high risk of the purchaser coming back and seeking a further price reduction or at worst withdrawing (less likely) from the sale

Anticipated restriction: Part exempt  - view reasons