Purpose

Following the submission of offers from
developers after formal marketing the preferred developer was
selected as recorded in Decision Reference EE21 0180. The sale
price was revised in order to take account of the changes to Part L
of the Building Regulations as recorded in Decision Reference EE21
0216.
However, in order to meet the Council’s aspirations in terms
of its environmental strategy to tackle climate change and
biodiversity net gain the proposed scheme has been re-designed to
allow for the retention of a larger number of existing trees and
the creation of additional greenspace, particularly on the southern
part of the site. This will result in a reduction in the number of
proposed dwellings on the southern part of the site. Separate
planning applications are to be submitted on the southern and
northern parts of the site.
The developers have proposed three options in respect to the
southern part of the site as follows:
Option 1 – Land receipt £*********** with the option
for ****** to purchase 16 x 2 bed bungalows at a price of
£***** each. (Net receipt £*******)
Option 2 – Land receipt £****** with the option for ***
to purchase 16 x 2 bed bungalows at a price of £***** each.
(Net receipt £*****)
Option 3 – Land receipt £***** with the option for
***** to purchase 16 x 2 bed bungalows at a price of
£******** each. (Net receipt £****)
The bungalows are to be specifically designed for older people and
people with physical disabilities. The decision to purchase the 16
bungalows has not been made at this stage and will be subject to
further approval. On the basis of option 1, should **** choose not
to exercise the option to purchase the 16 bungalows the developer
will make an additional land payment of £****** Option 1
provides the largest net receipt to the Council. Contracts are to
be exchanged on the whole site with the southern part forming a
first tranche at a sale price of £***** The northern part of
the site is to form a subsequent tranche with the sale price to be
agreed, subject to an external valuation.
The developer is seeking to make stage payments for the southern
part of the site with an initial deposit of £****** and then
payment of ***** on completion (phase 1) and ***** 12 months later
(phase 2) or split proportionally based on the area of each phase
as proportion of the whole.
The sale of this land was approved by Cabinet on 5th November 2019
as part of the General Fund Capital Receipts Programme (Cabinet
Report 5th November 2019 Decision 3) and 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 property will provide capital funding that will
contribute
significantly towards delivery of the Councils Capital
Programme.

Content

To proceed with option 1 for the sale of Land
at Hungerhill to *********************** for the initial sum of
£***** for the southern part of the site conditional upon
planning permission and subject to deductions in connection with
ground conditions, once identified. The northern part of the site
is to be transferred as a separate tranche at a price to be agreed
at that time.