COUNCIL chiefs have approved the sale of one of the council’s properties.

The cabinet was informed of an offer for ‘one of the council’s investment properties’ at its Town Hall meeting on Monday.

A report to cabinet stated that the council was approached by a private investor regarding one of its investment properties – and an assessment of value including an external, independent valuation report has ‘informed negotiations’.

The report also said the benefits of the proposal are that the sale will generate a capital receipt ‘significantly larger’ than the price the council paid for the property, ‘risks associated with the property around the tenant covenant strength and break clause will be removed’, and the capital receipt ‘may be used to generate a revenue stream’ to replace the lost rental income following the sale.

The details of the terms of the proposal were set out in the Part Two report on the agenda.

The cabinet approved a sale of the property on the terms set out in the Part Two report, delegated authority to the director of growth, director of corporate services and director of law and governance to ‘agree the terms of and enter into a contract’ based on the terms set out in the Part Two report, as well as delegated authority to the director of growth, director of corporate services and director of law and governance to ‘agree the terms of and enter into all ancillary agreements’ in order to ensure the sale of the property.