Purpose

§ 
Following the above Cabinet Approval (25/7/2023) and
subsequent Delegated Officers’ approvals, Surrey
County Council (SCC) entered into a contractual commitment to
jointly sell their Coxbridge farm holdings in Farnham alongside the
Kenward family (as former tenant and adjacent landowner) in January
2024 to Cala Management Ltd (Cala) for £30.756m.  
§ 
All payments due to the SCC are payable in three tranches over a
24-month period from January 2023; the first payment of
£11,060,670 was secured in January
2024, with second payment secured of £7,878,207 secured in
January 025, and final payment of £11,817,311 due in January
2026.
§ 
The sale contract (19/1/2024) requires the above-named relevant
parties to legally complete the ‘Retained Land Deed of
Easement’ and ‘Open Space Overage Deed’
documentation.  The reason as to why
this was not completed at the time of the sale contract was that it
was beholden on Waverley Borough Council’s Local Planning
Authority to conclude ‘Reserved Matters’ as part of
Cala Management Limited securing (post 19/1/2024) a detailed
planning consent for the residential development.
§ 
Attached to this note is an Executive Summary recommendation from
DAC Beachcroft and your approval is now sought to finalise
same.
§ 
As a result of the updated request for legal documentation, which
needs to be signed/sealed, SCC Legal Property has recommended that
as this is now an additional step/ material change to what was
previously envisaged, so further Delegated Officers Approval is now
requested and obtained.
§ 
Once SCC Legal has executed the above documentation it will be
dispatched to DAC Beachcroft who will then be able complete the
legal formalities; DACB Beachcroft has confirmed that this does not
compromise the final tranche payment of £11,817,311 to the
County Council due in January 2026, nor any other remaining
contractual terms of the sale contract (19/1/2024).
 

 

Content

Decision made:
 
It was AGREED that:
 

To conclude report.