Nottingham City Council has plans for the disposal of 49-53 Carlton Road, Nottingham, NG3 2DN.
The decision marks a continuation of an earlier asset disposal process, with updated market evaluations revealing a higher value for the property than initially reported.
There is no suggestion the decision has any affect on the businesses operating there.
The property, located in the St Ann’s ward, is being declared surplus and is set to be sold as a freehold, in line with the council’s strategy to generate capital receipts for city development initiatives.
The disposal of 49-53 Carlton Road follows an addendum to an earlier decision, reference 5196, which had approved the sale under slightly different financial assumptions.
The reassessment has now led to an updated valuation that is more favourable for the council’s financial outlook. The new decision authorises the Director of Economic Development and Property to determine the sale price and terms, ensuring compliance with the council’s disposals policy and achieving the best consideration possible.
The property, a commercial asset deemed non-essential for council operations, was considered a potential liability. Maintenance costs and capital expenditure for repairs were projected to place a significant financial strain on the council’s resources if retained.
Additionally, retention would have led to the council foregoing potentially substantial capital receipts, which are now expected to contribute to the city’s broader economic development and capital strategy. The sale will be executed through an auction, ensuring maximum market exposure and a swift transaction process.
