Purpose

To report on the outcome of a marketing tender
on this property

Content

That it be DETERMINED that in accordance with the
agreed Council’s disposal policy, the Council accepts offer
2, submitted by Forts Development Ltd for the purchase of the
Former Hyde Library land shown edged red on the attached plan, in
Appendix 1, at a price of £1,175,000 together with the
Council’s legal and surveyor fees subject to following heads
of terms:

1.    
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.

2.    
A deposit equating to 10% of the gross price would
be payable upon exchange of contracts, with the balance on
completion of the purchase.

3.    
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.

4.    
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.

5.    
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.

6.    
Any other terms and conditions as typical for
agreements of this nature, to be included in the instructions to
the Council’s legal advisers.

Reasons for the decision

To
comply with the corporate policy for the disposal of Council owned
land and ultimately facilitate the sale and development of the
surplus area of land.