Purpose

To advise Members of the receipt of offers
following a period of marketing and to recommend acceptance of the
highest bid.

Content

That it be DETERMINED that in accordance with the
agreed Council’s disposal policy, the Authority.

(i.)  
Accepts offer 1, submitted by Bridge Valley Homes
for a sale of this site freehold shown edged red on the attached
plan, in Appendix 1, which extends to c0.14 hectares (0.35
acres) or thereabouts at a price of £407,500, together with
the Council’s legal and surveyor fees, and

(ii.) 
Progress the disposal in accordance with the
provisionally agreed terms below:

a)      
The land to be sold by way of a conditional contract
whereby, following exchange, the purchaser would be obliged to
obtain planning permission for the redevelopment of the site within
a maximum period of 12 months following exchange of contracts. If
at the end of this period, any planning application is subject to
an ongoing appeal then, the need to secure consent would be subject
to a long stop date of a further 6 months.

b)      
A deposit equating to 10% of the gross price would
be payable upon exchange of contracts, with the balance on
completion of the purchase.

c)      
Following completion of the purchase, the developer
would be obliged to complete the development in accordance with the
approved planning permission within a maximum period of 36
months.

d)      
In the event that the development is not completed
within the above timetable then, the Council would have the ability
re-purchase the asset at the initial purchase price.

e)      
In addition to the capital receipt, the purchaser
would be responsible for the Council’s reasonable legal and
surveyors’ fees equating to 3% of the agreed purchase
price.

f)       
Any other terms and conditions as typical for
agreements of this nature.