Decision details

St John's Road Redevelopment - Update

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

(1)   The Cabinet noted the outline business cases for the proposed development of the following sites through Qualis Commercial:

 

            I.        St John’s Road

          II.        Epping Sports Centre – Hemnell Street

         III.        Bakers Lane Car Park

        IV.        Cottis Lane Car Park

          V.        Civic Offices – Conder Building

        VI.        Roundhills Site

 

(2)  The Cabinet noted that the transfer of these sites would be proposed on the understanding that the full business cases (to be presented at March Cabinet) achieved a minimum value to EFDC of 6% return on investment (in the form of land and loans) per annum from a mix of rental dividend and other financial returns and Qualis to provide a standard capital development return that as a minimum was 12%.

 

(3)    The Cabinet noted that if a full business case failed to prove operationally and financially viable (as set-out in recommendation 2), that land ownership would be transferred back to the Council at the value it was originally transferred, with any fruitless or transactional costs falling to Qualis.

 

(4)  The Cabinet noted the work undertaken by White Young Green to produce a development and design brief for the St John’s site.

 

(5)  That Cabinet approved a £500k working capital loan to Qualis Group for the next stages of work to be undertaken.

 

 

Report author: Sacha Jevans

Publication date: 07/01/2020

Date of decision: 06/01/2020

Decided at meeting: 06/01/2020 - Cabinet

Accompanying Documents: