Issue - meetings

Reporting Person – Kevin Foster

The Executive received a report which sought approval to dispose of the freehold interest in the Egley Road Barn Site via an Informal Tender.  It was intended that an outline planning application be undertaken by the Council to address major uncertainties over the level of housing that could be delivered on the site.  The Executive was advised that it was anticipated that the Council could realistically expect to secure consent for circa 50 houses, with the finer details to be left to the purchaser of the land.  It was expected that an overage agreement would be incorporated to ensure that additional land payments were made if the purchaser secured consent for a greater amount of residential floorspace.

Following a question regarding the cost to the Council of interest costs on the borrowing since the site was bought, it was reported that the site was purchased by the Council in 2019 for £11.1m.  The total interest costs to the Council was around £1.3m given annual interest costs of some £330k per year.

RESOLVEd

That  (i)    the Council dispose of the freehold interest in the Egley Road Barn Site via an Informal Tender; and

          (ii)   the site should be marketed and sold on the basis set out within the Part I and II reports.

Reason:   This disposal of the Egley Road Barn Site will generate a capital receipt for the Council and will enable the delivery of housing on this site by a third-party developer.