Purpose

To
approve a preferred disposal option, if any after a review of the
options following a period of marketing.

Content

It was
RESOLVED: -
 
1.1         
That Cabinet resolved to sell the land parcel
(approximate area of 1.17 acres) and identified as ‘Bid
1’ in Confidential Appendix B.

 
1.2         
That Cabinet delegated its authority to the
Director for Property, Development and Regeneration, in
consultation with the Cabinet Member for Finance, Assets &
Investments to negotiate the final terms of disposal, so as to
ensure that a sale could be completed as soon as reasonably
achievable, and as the best consideration reasonably
obtainable.
 
 
REASON FOR
DECISION
 
The
Council can utilise the small employment land parcel it owns, via a
market rate freehold disposal, to bring forward beneficial
economic/social uses and create job opportunities in support of the
local community of Hadleigh and surrounding area. The economic and
viability context had changed since previous decisions taken by the
Council to self-develop a small light industrial starter unit
scheme. A market value sale will best achieve the Council’s
current strategic priorities and challenges for the
district.
 
Alternative
Options Considered and Rejected:
 
Do-nothing. Cabinet resolved at its meeting of 09
September 2024 to proceed with its preferred option of selling the
land. This will bring it into beneficial economic and employment
uses for the local area and wider community.
Do not
agree to sell to a preferred bidder. Not recommended.The Council
would retain the plot and continue to incur asset management
(including security and insurance costs) when already having
resolved it is not economically viable for the Council to
self-develop. Beneficial uses coming forward for the site would
remain stalled.
Any Declarations of Interests Declared: None
Any Dispensation Granted: None