URL: https://moderngov.woking.gov.uk/ieDecisionDetails.aspx?ID=4378

Decision Maker: Executive

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: To agree an asset sale.

Content: The Executive Resolved That (i)   disposal of the freehold interest of Wolsey Walk be approved;         (ii)  it be agreed a combined portfolio of predominantly retail/leisure/office assets currently owned by Woking Borough Council (WBC), Victoria Square Woking Ltd (VSWL) and ThamesWey (TW) should be combined to form a single investment package for sale;         (iii)  following a competitive open market disposal process, the combined sites comprising Wolsey Walk/Victoria Square/Export House and ThamesWey holdings should be sold to a recommended purchaser;         (iv) authority be delegated to the Strategic Director – Finance and Resources, in consultation with the Portfolio Holder, to market the portfolio in discussion with all relevant stakeholders including VSWL and TW;         (v)  on completion of the proposed marketing exercise to submit details of the proposed preferred bidder(s) to the Executive for approval;         (vi) the commercially sensitive information in support of the recommendation to dispose set out in the Part II report, be noted; and         (vii) it be noted that work will be undertaken by officers to enhance the security of loans granted by the Council to council owned companies which will be the subject of a future report to Full Council. Reason:  The Improvement and Recovery Programme published in August 2023 recognised that the Council was in a challenging financial position and one of the core aims of the Recovery Programme was to rationalise the property portfolio to reduce the significant debt attributable to property assets.  In January 2024 an Asset Management Plan was prepared demonstrating an orderly disposal of key WBC assets over a three-year timeline from 2024-2027 which was subsequently presented to Government in August 2024. The approved Asset Management Plan provides for the disposal of the Wolsey Walk Retail investment and ancillary holdings during the period quarter one to quarter four 2026.

Date of Decision: March 18, 2026