URL: https://democracy.thurrock.gov.uk/ieDecisionDetails.aspx?ID=961

Decision Maker: Cabinet

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose:

Content: Councillor Worrall reminded members that appendices 3 to 7 of the report were exempt and therefore if members wanted to discuss them the meeting would need to go into a closed session.   Councillor Worrall also noted that Councillor Cherry had submitted a question in relation to this report.   Councillor V Morris-Cook introduced the report and explained that this forms part of the asset disposal programme. It is vital to put the council’s finances on a sound footing. Minimum reserved prices have been set and they are confidential for obvious reasons. The capital receipts outweigh the benefit of the income. In respect of the homes above the shops, tenants’ rights will be maintained.   Councillor Cherry was invited to ask his question.   'You intend to sell off a major Thurrock asset, our shops what will you get for them and will there be a full open and transparent public process.'   Councillor V Morris-Cook responded that there will be a full, open and transparent process and she cannot publicly explain what the council will get for them. The shops are on a 200 year lease and there will be no change to the terms and conditions.   Councillor Cherry was permitted to ask a supplementary question.   “These shops are opportunities for Thurrock residents to start a business and employ people locally, the danger in selling is that start-up businesses wont be able to afford it.”   Councillor Morris-Cook responded that they are selling the lease, if someone wants to lease a shop instead of approaching the council they will need to approach a company. The council is keeping the freehold and unlocking the value in the leases to stabilise the council’s finances. Tenants’ leases remain legally protected and their businesses will continue, what changes is who collects the rent.   Councillor J Kent stated that there is a need to constantly remind people that the council is essentially bankrupt. Divesting the council of being landlords for shops allows the council to concentrate in things that it should be concentrating on and bringing down the debt.   RESOLVED:   2.1Cabinet approved the disposal of the Council’s long leasehold interest (200 years) in the ground floor retail units of the 14 parades identified in Appendix 1, subject to existing commercial leases.   2.2Cabinet delegated authority to the Executive Director of Place, in consultation with the Section 151 Officer and the Cabinet Member forFinances and Resources, to finalise terms and proceed with the disposal of each asset, ensuring best consideration is achieved.   2.3Cabinet noted the requirement to adjust the Council’s Medium Term Financial Strategy to reflect annual loss of revenue from disposals of any income producing assets.   Reason for the decision: as outlined in the report This decision is subject to call-in

Date of Decision: September 17, 2025