Nottingham City Council has decided to sell a parcel of land located at the junction of Gamble Street and Newdigate Street, NG7 4EY.
The council aims to declare the site surplus to its operational needs and dispose of the property, with hopes that the resulting capital receipt will contribute to narrowing the significant budget gap it faces.
The land, which is currently vacant and non-income generating, has been reviewed through the council’s Asset Rationalisation Review and deemed suitable for disposal.
This decision falls under Nottingham City Council’s wider strategy of asset rationalisation as outlined in their 2024 Improvement Plan. Council officials noted that holding onto the property poses a financial risk due to the potential costs of future repairs, maintenance, and compliance requirements—costs that the council simply cannot afford in its current fiscal state.
The council, like many others across the country, is grappling with mounting financial pressures due to a variety of factors, including increased demand for social services, rising homelessness, and inflation. To address these challenges, the council has been granted up to £66 million in Exceptional Financial Support (EFS) by the central government, to be partially repaid using funds generated from property disposals. Asset rationalisation, therefore, plays a key role in securing these funds and ensuring the city’s finances remain sustainable.
The decision to sell the land at Gamble Street and Newdigate Street has been officially approved under delegated authority.
In making this decision, other options were considered, including retaining the asset.
However, council officials rejected this idea due to the associated risks and the missed opportunity for a potentially substantial capital receipt. Council documents highlighted the fact that retaining the property could lead to increased expenditure for maintenance, without any guarantee of income generation in the near future. By selling the land, the council hopes to ensure a more efficient use of its resources.
The sale forms part of the council’s broader strategy to address budget deficits for the financial years 2024/25 to 2027/28. With rising costs for services such as children’s and adult social care, it is anticipated that the council will need to make substantial savings to balance its budget over the coming years. In addition to land disposal, the council is also pursuing other strategies, including improving service efficiency and securing external funding where possible.
The affected property is located within the Hyson Green and Arboretum ward.
The council’s Commissioners have approved the decision, noting that it aligns with Nottingham’s financial recovery plans.
Due to the financial and legal nature of the property sale, certain details, such as valuation figures and specific legal advice, have been kept exempt from public disclosure. Council representatives explained that making this information public could prejudice the council’s negotiating position, thereby impacting the potential financial benefits of the transaction.
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