107 Commercial Asset Disposal
(Finance – Cllr J Philip) – sale of land to a third party – (C-047-2022-23).
Additional documents:
Decision:
The Cabinet agreed to sell part of one of the Council’s commercial assets, identified within the Local Plan & Masterplan and allocated for employment uses, to a third party for a consideration, providing that the consideration is in excess of two independently commissioned Red Book valuations in order to comply with the requirements of S123 of the Local Government Act 1972.
Minutes:
The Finance Portfolio Holder introduced the report. The Council had received an approach from a third party who wished to purchase part of the allocated site for uses that were in line with the Masterplan and fall within a B8 planning use (storage & distribution).
The proposed use would be consistent with the Local Plan and its aspiration to create commercial and employment opportunities. On completion of the sale a significant early contribution would provide for training and innovation directly benefitting the local community.
The sale would be unconditional and was not dependant on the third-party gaining planning consent.
Decision:
The Cabinet agreed to sell part of one of the Council’s commercial assets, identified within the Local Plan & Masterplan and allocated for employment uses, to a third party for a consideration, providing that the consideration is in excess of two independently commissioned Red Book valuations in order to comply with the requirements of S123 of the Local Government Act 1972.
Reasons for Proposed Decision:
The sale of the land is consistent with the Local Plan and its aspiration to create further commercial and employment opportunities within the District.
By obtaining two independent Red Book valuations the Council would ensure that it has achieved the Best Consideration for the site.
As freehold owner, an Epping Forest District Council decision was required to agree to the sale in order to conclude due diligence and secure legal completion.
Other Options for Action:
To go out to the open market. This process would be time consuming and may well not produce a single unconditional offer of this scale for the site.