Gloucester City Council has dismissed the notion of a “fire sale” as it considers selling land and buildings on Eastern Avenue to help repay the emergency government loan that prevented the council from facing bankruptcy.
Earlier this year, the council received £15.5 million in exceptional financial support (EFS) from the Government to balance its budget. Now, selling or better utilising council-owned properties is a key element of its financial recovery strategy.
Council leaders have agreed to begin preparatory work, including appointing an external agent to evaluate the feasibility of selling the land in and around the council depot on Chase Lane. However, no final decision on which properties might be sold has been made public or confirmed.
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Declan Wilson, the finance cabinet member, explained that the process is still in its early stages. “The council’s financial recovery plan requires us to carefully review our property assets to identify opportunities that might generate capital receipts or reduce ongoing liabilities,” he said. “Appointing an external advisor will help us understand if selling the site is viable.”
He emphasized that no commitment to sell has been made. Any potential sale would be subject to a further detailed report brought to the cabinet, laying out the evidence and recommendations before any action is taken.
Council leader Jeremy Hilton reinforced the council’s cautious and strategic approach: “We are committed to a thorough process to determine whether selling the Eastern Avenue land is viable. This is not a fire sale; it is about properly marketing the assets to maximise returns for the council.”
The council aims to balance financial pressures with prudent asset management as it navigates its recovery plan.