Purpose

The Cabinet will be asked to approve proposals
relating to the purchase of two sites on Thames Road from Inland
Homes as part of a land assembly exercise for the Thames Road
Transformation Area.

Content

The Cabinet will be asked to approve proposals
relating to the purchase of two sites on Thames Road from Inland
Homes as part of a land assembly exercise for the Thames Road
Transformation Area.

The Cabinet Member for Regeneration and
Economic Development presented a report on the potential purchase
of two key plots of land within the Thames Road
Transformation Area.
 
The Cabinet Member advised on
the current circumstances regarding ownership of the land and the
opportunities that purchasing the sites could create for the
Council.   It
was noted, however, that the Council’s proposed offer for
each of the two sites was based on overall costs having
no adverse impact on the performance of the Be First
commercial portfolio and the Council’s General Fund, meaning
that the purchase price and other associated costs must be covered
by a sustainable forecast of income generated from the
sites.
 
Cabinet resolved
to:
 
(i)  Agree to
the submission of bids for the purchase of two parcels of land
within the Thames Road Transformation Area on the terms set out in
the report; and
 
(ii)  Delegate
authority to the Strategic Director, Resources, in consultation
with the Cabinet Member for Finance, Growth and Core Services and
the Head of Legal, to complete the necessary documentation to
acquire the site(s) should the Council’s bid(s) be
successful.