Nottingham City Council is looking to approve the sale of a prime piece of land located off Fellows Way at Nottingham Science Park.
The decision comes as part of the Council’s wider property rationalisation strategy, a critical element in its 2024 Improvement Plan.
The land, located off Fellows Way, is currently deemed surplus to the Council’s operational needs. Following an in-depth Asset Rationalisation Review, the Council decided to dispose of the freehold of the land, opting to maximise its value by entering the property into the market.
The sale process if approved will be conducted under the oversight of the Director of Economic Development and Property, ensuring compliance with the Council’s Disposal Policy, with the proceeds being allocated to the Council’s corporate capital receipts in accordance with its Capital Strategy.
Nottingham City Council has been conducting a sweeping review of properties under its Trading Account, which could be suitable for sale.
The aim is to generate significant capital receipts to ease financial pressures. This follows the refresh of the Council’s Recovery and Improvement Plan in 2022, which highlighted the need for the city to strengthen its financial standing.
Retaining this land was determined to be a financial risk due to future capital expenditure required for maintenance and compliance, particularly given the land’s limited potential for long-term returns.
In rejecting the option of retention, the Council has emphasised the risk of significant costs for repairs, upkeep, and potential management challenges. They estimated that keeping the land could hinder future investment opportunities and place a considerable financial burden on local resources. By disposing of the asset, the Council hopes to avoid these pitfalls and utilise the capital generated to support its broader improvement goals.
The land’s disposal will be conducted through a competitive process to ensure the best return. External resources, including a specialised auctioneer, will be employed to ensure the property is marketed widely and reaches the right potential buyers. The auction route is seen as a means of securing a timely, unconditional sale with minimal delays, providing much-needed certainty in terms of completion.
In line with best practices, the Council is committed to developing a tailored marketing strategy that will highlight the land’s potential and target specific segments of the market, including institutions that may find the location at Nottingham Science Park particularly attractive.
The decision has not been without community input. Local ward councillors were consulted, including Councillor Pavlos Kotsonis, who highlighted the biodiversity of Beeston Sidings, a nearby area, and stressed the importance of ensuring that the ecological significance of the land is protected. Additionally, councillors emphasised the importance of notifying local institutions, such as the University of Nottingham, about the availability of the site to ensure that potential development aligns with local educational and research interests.
It is worth noting that while the disposal may affect local interests, it does not have significant implications for crime or public disorder, nor does it trigger the need for an equality impact assessment, as no services or functions are being altered by the sale.
While details regarding the sale price remain confidential due to their sensitive nature, it is expected that any capital raised will be a welcome contribution to the Council’s ongoing efforts to stabilise its financial position. The exact terms and final figure will be disclosed at the conclusion of the transaction.
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