Issue - meetings

Finance, Qualis Client and Economic Development – (C-049-2021-22) - This report presents the two proposals put forward by Qualis for Cabinet consideration and decision.

(1)        The Cabinet agreed to the disposals of Pyrles Lane to Qualis for £900,000 and;

(2)        The Cabinet agreed to the disposal of Units 50, 51-52, 60 and Unit 10 Cartersfield Road, Waltham Abbey to Qualis for £2,930,000.

The Finance, Qualis Client and Economic Development Portfolio Holder, Councillor J Philip, introduced the report.  He noted that officers had been working with Qualis to evaluate redevelopment opportunities that exist within its land and property portfolio ahead of consideration as to whether the Council might wish to transfer all of its non-operational assets to Qualis.   Initially two opportunities had been identified that would benefit from immediate disposal to Qualis at book value.

This report presented the two proposals put forward by Qualis for Cabinet consideration and decision.

Pyrles Lane, Loughton - This site was the former Council plant nursey in Pyrles Lane, Loughton.  It was identified as a potential development site and an option for transfer to Qualis for housing redevelopment at the time the Council created Qualis.

The site has several conditions that make this harder to develop, principally the topography but also limited access to the site.  It had previously been offered to the market and sale terms agreed but the potential buyer had withdrawn their interest because of the difficulty in developing this site.

Units 50, 51-52, 60 and Unit 10 Cartersfield Road, Waltham Abbey - The second site proposed for sale to Qualis was one that the Council had previously identified for redevelopment amongst its commercial property holdings.

Units 50, 51-52, 60 and Unit 10 were industrial warehouse units located at Brooker Road Industrial Estate, Waltham Abbey. They formed part of the long-term commercial property investment holdings of the Council.

Decision:

(1)        The Cabinet agreed to the disposals of Pyrles Lane to Qualis for £900,000 and;

(2)        The Cabinet agreed to the disposal of Units 50, 51-52, 60 and Unit 10 Cartersfield Road, Waltham Abbey to Qualis for £2,930,000.

Reasons for Proposed Decision:

As part of its agreement of the 4 year Business Plan the Council agreed to lend Qualis a further £35 million in order that it could acquire and progress redevelopment opportunities within the District.  The site at Pyrles Lane was identified as one of the potential opportunities which would be funded from this sum.  The Cartersfield site is a new acquisition but has planning permission and meets the Council’s ambition of Qualis bringing forward stalled redevelopments and capturing the developer profits associated with it.

Other Options for Action:

Not to agree the above recommendations.