Council plans to sell off 32 properties and develop other sites present an opportunity to “reshape” the local authority’s “very large” portfolio.

Southampton City Council is progressing the second phase of its asset development and disposal programme.

Cabinet member for economic development Cllr Sarah Bogle said the process would involve officers working through item by item in a “very careful manner”.

Following cabinet backing for the recommendations at a meeting on Tuesday, December 17, the programme will go to full council for approval in February.

Once this has been secured, authority will be delegated to executive director for growth and prosperity Stephen Haynes to implement the disposal, development and regeneration opportunities for assets listed within a confidential report.

Any decisions will be made in consultation with relevant councillors and officers.

Cllr Bogle told cabinet colleagues this was the second phase of the programme, with the first being approved back in March.

She said the project was helping the council’s financial sustainability in the long term through the sale of assets.

“There is also an opportunity to reshape what is a very large asset portfolio to have a situation where we are actually managing them much better and can really also move forward into what I think the term is ‘purposeful investment’ in the future,” Cllr Bogle said.

“What isn’t in the papers is obviously what we have decided to retain as well as develop, which is also part of the programme.”

A report to cabinet said the total net book value of the 32 assets being proposed for disposal was more than £5 million.

Criteria used to determine disposal assets were that they were no longer required for operational delivery, the net present value of sale was positive and the asset was not required for regeneration purposes.

There were also six sites recommended for development opportunities.

Cllr Bogle added: “This isn’t just purely about disposing of assets as a programme of work but the key contents of this are around the ability to delegate decisions on a range of assets which are in the confidential papers and then do the appropriate work with our partners in terms of valuation assessment.

“It is not an instant thing. Once this decision is made, and it has to go to full council as well in February because of the value of these assets, we will be able to work through item by item in a very careful manner.

“This isn’t necessarily the end of the story, it is just the beginning.”

The programme is aiming to generate £85 million from asset sales over the next five years.

The council’s asset portfolio contains around 330 corporate and operational properties, and a further 200 investment and commercial properties.