Purpose

To
approve updated options appraisal and preferred way
forward.

Content

It was
RESOLVED: -
 
1.1        
That Cabinet noted that the previous preferred
bidder, resolved at 06 May 2025 Cabinet meeting, has now withdrawn
their offer to purchase the land owned by the
Council.

 
1.2        
That Cabinet resolved to now sell the land parcel
(approximate area of 1.17 acres) on the terms and basis of the bid
identified as ‘Bid 1’ in Confidential Appendix
A.

 
1.3        
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 can be completed as soon as reasonably
achievable, and as the best consideration reasonably
obtainable.
 
 
REASON FOR
DECISION
 
The
Council could 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. It will also
generate a capital receipt. The economic and
viability context changed since previous decisions taken by the
Council to self-develop a small light industrial starter unit
scheme. A market value sale would now best achieve the
Council’s current strategic priorities.
 
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 would
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