Nottingham City Council has announced its decision to sell the property located at 28–40 Glasshouse Street.
The site, previously used for car parking by the Victoria Centre Markets team and as a construction compound, has been deemed surplus to operational requirements.
The sale is expected to generate a corporate capital receipt, which will be allocated in accordance with the council’s Capital Strategy. Details of the property’s valuation and associated financial specifics remain confidential under the Local Government Act 1972.
Nottingham City Council, like many local authorities across the UK, is grappling with substantial financial challenges, including escalating costs for social care, homelessness services, and inflation. The council faces a legal obligation to set a balanced budget, requiring significant savings between 2024 and 2028. Exceptional Financial Support (EFS) from the government, which permits the use of capital resources for revenue costs, has intensified the focus on asset sales as a key component of the council’s Improvement Plan and Budget Strategy for 2024.
The property, an open site currently vacant for two years, was reviewed by the council’s Asset Rationalisation Panel, which endorsed its disposal. Bringing the site back into beneficial use would demand considerable capital expenditure exceeding potential income, making its retention economically unfeasible.
By opting for disposal, the council aims to mitigate risks of anti-social behaviour at the vacant site and ensure the property reaches the most appropriate market segments through targeted marketing strategies.
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