The Council owns assets including land and buildings, investment assets, operational properties, those held for sale or under construction, intangible assets, infrastructure, plant and machinery, heritage and community assets. These assets are located both inside and outside of Torbay. The estate is well let and returns to the Council a substantial annual income achieving a high occupancy rate. However, some assets have been identified as surplus to the Council’s operational requirements and which can be disposed of.

Asset disposals need to achieve the highest possible receipt in line with the Council’s asset management policy. With net receipts, after the cost of any sales, committed to delivery of the capital programme schemes across Torbay.

The benefits of the proposal are initially financial. There would be a capital receipt obtained that, net of the disposal costs, will contribute to delivery of the Council’s capital programme and support the objectives of the Community and Corporate Plan.