Purpose

The Council entered into a conditional sale
agreement with developers Placefirst for the sale of its
landholdings at Lower Horseley Fields. The Agreement is subject to
the developer satisfying a number of conditions. This report
updates on Placefirst's progress in relation to these conditions
seeking formal approval to confirm the conditions precedent has
been met which will enable the developers Board approval to
progress with next stages of the scheme ahead of site
drawdown.

Content

Approved the sale completion to
Placefirst in line with the original
Sale Agreement and previous Cabinet approvals (5 February
2019).

 

Approved the discharge of the sale
conditions (as set out in the original Sale Agreement) which have
been satisfied and evidenced by Placefirst as purchaser.

 

Noted the Council’s obligation
to provide Vacant Possession as a sale condition is to be waived by
Placefirst and as the new freeholder
the licence to Dunton (currently in occupation) will be transferred
to Placefirst.

 

Approved entering a Deed of
Variation with Placefirst Limited to
detail and effect the above.