Purpose

Following an exchange of contracts with ******
on the disposal of Land at Middle Bank, Lakeside, they have now
carried out detailed site investigations and submitted a planning
application with a decision currently being awaited.
A number of site specific abnormal development costs have been
identified and these costs have been assessed and verified by the
Council’s appointed consultant quantity surveyors and
consultant engineers. Following further detailed negotiations with
the Purchaser a net sale price of £****** has been arrived at
in line with the terms of the contract.
In summary:
Gross Sale Price £ ******
Abnormal Development Costs - £ ******
Net Sale Price £ ******
This subject land has previously had approval for disposal on 20
February 2008 as part of Cabinet’s approval of the Strategic
Disposal Programme for General Fund Council Property and Land
Assets 2007-2012 and has been included within a number of Cabinet
Report updates since including the most recent update, General Fund
Capital Receipts - Programme Update on 5th November 2019.
It has been agreed that the acceptance of offers can be approved by
Officer Decision Record (ODR) signed by the Director of
Regeneration and Environment (or representative) and the
Council’s S151 Officer.
The sale of the property will provide vital capital funding that
will contribute towards delivery of the Councils Capital
Programme.

Content

To proceed with the sale of Land at Middle
Bank, Lakeside to ************ at the net sale price of
£******

Alternative options considered

ALTERNATIVE OPTIONS CONSIDERED AND
REJECTED
There are limited alternative options available to the Council and
these are set out below:
Option 1 – Reject the net sale price.
An exchange of contracts has taken place; however, the Council
could reject the net sale price if it believed that the price was
not in line with the terms of the contract and seek to have the
matter determined by a third party at arbitration. The abnormal
development costs have been verified by external consultants;
therefore, these figures are considered to be in line with the
terms of the contract.