Purpose

To approve a preferred disposal option, if any after a review of the options following a period of marketing.

Decision

It was RESOLVED: -

1. 1.1          That Cabinet resolved to sell the land parcel (approximate area of 1.17 acres) and identified as ‘Bid 1’ in Confidential Appendix B.
2. 1.2          That Cabinet delegated its authority to the Director for Property, Development and Regeneration, in consultation with the Cabinet Member for Finance, Assets & Investments to negotiate the final terms of disposal, so as to ensure that a sale could be completed as soon as reasonably achievable, and as the best consideration reasonably obtainable.

REASON FOR DECISION

The Council can utilise the small employment land parcel it owns, via a market rate freehold disposal, to bring forward beneficial economic/social uses and create job opportunities in support of the local community of Hadleigh and surrounding area. The economic and viability context had changed since previous decisions taken by the Council to self-develop a small light industrial starter unit scheme. A market value sale will best achieve the Council’s current strategic priorities and challenges for the district.

Alternative Options Considered and Rejected:

Do-nothing. Cabinet resolved at its meeting of 09 September 2024 to proceed with its preferred option of selling the land. This will bring it into beneficial economic and employment uses for the local area and wider community.

Do not agree to sell to a preferred bidder. Not recommended.The Council would retain the plot and continue to incur asset management (including security and insurance costs) when already having resolved it is not economically viable for the Council to self-develop. Beneficial uses coming forward for the site would remain stalled.

Any Declarations of Interests Declared: None

Any Dispensation Granted: None