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Asset disposal programme strategy approved

Aerial view of Guildford

The strategy for our asset disposal programme was approved by the Executive on 18 April 2024. This programme was approved by Full Council in December 2023 as part of our financial recovery plan.

We plan to sell £50 million of assets over the next three years. This was not an easy decision, but it's one of the ways we've chosen to balance our Medium-Term Financial Plan and safeguard services to our communities.

We're working towards these timescales to sell property assets:

  • £12.5M by October 2025
  • an additional £12.5M by April 2026
  • an additional £12.5M by October 2026
  • an additional £12.5M by April 2027

We are following the asset disposal strategy to identify potential assets for disposal. This process will take time to complete. 

Properties that are essential for the delivery of statutory services and those that continue to provide an attractive and sustainable investment return are to be protected. Housing Revenue Account owned assets fall outside the scope. This includes our renting housing.

Other assets that we will not consider for disposal at the initial stages are building and land assets that:

  • are of strategic significance and for public spaces
  • may form part of another project within our Corporate Plan. For example, Shaping Guildford's Future. 

Before recommending any asset for disposal, officers will prepare a summary property report for each one.  It will contain all relevant information to support a recommendation to sell. These reports will be submitted in batches to the Executive. The Executive will decide whether to approve their disposal.

We have already received Executive approval to dispose of:

  • Old Manor House
  • Send Hill disused Sand Pit 
  • West Lodge.

Although these sites were put forward for sale before this programme started, the money raised will count towards our asset disposal target. We expect to make recommendations to dispose of some of our more straight-forward assets by early summer.

If the money we receive from sales does not reach the targets set, we will have to look for other savings to balance our budget.

Read the Asset Disposal Strategy (opens new window)