Gloucester City Council has ruled out a 'fire sale' of its property as leaders agree to explore selling land at Eastern Avenue to repay the emergency loan that saved the authority from bankruptcy. The council received £15.5 million in exceptional financial support (EFS) from the government earlier this year to balance its budget and avoid effective bankruptcy.
Preparatory Work Approved
At a cabinet meeting on June 10, council leaders approved the start of preparatory work to assess the feasibility of selling land and buildings at Eastern Avenue. The precise property under consideration has not been officially disclosed, but it is understood to involve land around the council's depot in Chase Lane.
Finance cabinet member Declan Wilson (LD, Hucclecote) stated that a decision on whether to sell the site would be made at a later date. 'The council's financial recovery plan requires us to look carefully at our property assets and consider whether some could either generate a capital receipt or remove an ongoing liability,' he said. He confirmed that the property was identified in the first phase of assets to be reviewed, and an external agent will be appointed to advise on the feasibility of selling the site. 'This report does not yet commit the council to selling the site,' he added.
Thorough Process Ensured
A further report, presenting evidence on whether the property should be put on the open market, will be brought before the cabinet before any final decision is made. Council leader Jeremy Hilton (LD, Kingsholm and Wotton) emphasized the commitment to a thorough process. 'We are going to make sure we do a thoroughly good job on the process. We will find out whether it is viable for us to sell this land at Eastern Avenue,' he said. 'It proves one thing, that this council is not about doing a fire sale. It's about making sure we put things on the market, we do it properly and maximise the income for the asset.'
The move is part of the council's broader financial recovery strategy, which includes selling off council-owned property or making them more profitable. The cabinet has agreed to appoint an agent to advise on the potential sale, ensuring transparency and maximum return for taxpayers.
