Decision - Disposal of Cedars Lodge, Cedars Gardens

1.       That the disposal of the freehold interest of Cedars Lodge be approved.

2.       That the retention of some of the garden land and the ring fencing of an amount from the sale receipt to pay for the cost of highways improvements to Cedars Gardens be approved.

3.       That, with regard to (2) above, the Director of Finance & Resources be granted delegated powers to make a decision on the extent of land to be retained and the amount of money to be ring fenced from the sale receipt.

1.       The property is vacant and has been declared surplus by Sustainable Transport as it is no longer required to widen London Road, which was the purpose of its acquisition originally.

2.       Local agents have inspected the property and recommended in October 2009 that the property would sell for between £275,000 and £300,000.

3.       Ward councillors have been consulted and have requested alterations to the public footway to improve safety.  Highway Engineering and Projects have drawn up draft proposals and estimated these will cost about £20,000 to be funded by the capital receipt from the sale of the property.

1.       Sustainable Transport confirmed that it was highly unlikely that over any time horizon a scheme to widen London Road would be funded or approved and concluded that it is no longer the intention to widen the London Road in this location.  There is therefore no benefit to holding the property for this purpose and it has been declared surplus.

2.       The property is estimated to be about 85 years old.  The rooms are small and the bathroom is located off the kitchen on the ground floor.  Improvements have been made to the heating system in recent years and repairs have been carried out to maintain the property.  However it would require substantial investment to bring it up to standards appropriate to be let as a Housing property.  Given the level of investment required the property would provide a poor return on investment and it is not therefore recommend that this option be pursued.