Decision Maker: Cabinet

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: September 16, 2025

Purpose: To consider the disposal and redevelopment of industrial units at Joule Road to support the Community Furniture Project.

Content: 1.          Approve in principle the disposal of council owned land at Joule Road Industrial Estate as shown in appendix 1 to the Greenham Trust (GT) for a consideration less than the best that can reasonably be obtained pursuant to section 123 (2) and the Local Government Act 1972: General Disposal Consent 2003 upon the basis that the disposal is likely to contribute to the improvement of the economic, social and environmental wellbeing of the area and its residents by facilitating the delivery of new improved premises by GT for the Community Furniture Project (CFP) subject to:   a)         the undervalue being £2m or less under the terms of the General Disposal Consent b)         agreement of head of terms c)         s123 valuation report d)         the amount of the undervalue being notified in accordance with the Subsidy Control Act   2.          Delegate authority to the Director of Regeneration, in consultation with the Portfolio Holder, to:   a)         finalise heads of terms for the disposal of the site b)         enter into a contract for sale of the site to GT on terms requiring the deferred payment of the difference between the price and the open market value in the event that the council’s objectives (on the basis of which the undervalue disposal is made) are not achieved c)         set out the justification for the award of the subsidy equivalent the amount of the undervalue under the Subsidy Control Act and complete the appropriate notification and to receive advice on whether any discounted rent is a subsidy and if so, consider appropriate notification or exemptions d)         do anything that is conducive to the delivery of the social and economic wellbeing benefits of the land disposal