URL: https://democracy.islington.gov.uk/ieDecisionDetails.aspx?ID=2190

Decision Maker: Executive

Outcome:

Is Key Decision?: Yes

Is Callable In?: No

Purpose:

Content: Recommendations 1.1             Note the proposed restructuring of the Council’s commercial property portfolio, in line with the Strategic Asset Management Plan, to reduce the Council’s financial risk and generate capital receipts, as well as delivering much needed affordable temporary accommodation and enabling investment in the western end of Old St   1.2             Approve the disposal of four buildings on Old Street (29-33, 41-47, 49-59 and 69) on an unconditional basis, mitigating a persistent income pressure and generating a significant capital receipt.   1.3             Approve the disposal of land near Stansted Mountfitchet on an unconditional basis and an overage arrangement, generating a significant capital receipt from an asset that is currently delivering no value   1.4             Delegate authority on the final terms and timing of these disposals to the Corporate Director of Community Wealth Building following consultation with the Acting s151 Officer and the Executive Member for Homes & Neighbourhoods.   1.5             Note the Council will seek to secure planning permission to convert the vacant floors at 7 Newington Barrow Way to much needed and affordable temporary accommodation units, providing cost avoidance from temporary accommodation financial pressures and securing a significant part of the committed FutureWork saving   1.6       Note the positive impact on the Medium Term Financial Strategy arising from this paper’s recommendations   DECISIONS: AGREED RECOMMENDATIONS   Reasons for the decision – as detailed in the report Other options considered – as detailed in the report Conflicts of interest / dispensations granted – none            

Date of Decision: June 26, 2025