Decision

RESOLVED

1)    That it be noted that the Development was being promoted by Barnfield Blackburn Ltd, a Council joint-venture company with Barnfield Construction Ltd.

2)    That it be noted that the Darwen Town Deal programme supported the development with a grant towards site abnormal costs.

3)    That it be noted that the Council was in the process of acquiring Unit 1 (Block A) from Barnfield Blackburn Ltd with completion scheduled for September 2026 and that a plan of the development was attached as Annex A.

4)    That it be noted that the Council had been approached by an experienced local investor with an interest in acquiring Unit 1 for an existing tenant wanting to relocate to expand their business.

5)    That the disposal of Unit 1 to the investor for £1.85m be approved, and that it be noted that the Council would benefit from an uplift in value of £100,000 from the original purchase price of £1.75m.

6)    That the above purchase price of £1.85m included £200,000 of Council contribution to cover a fit out of Unit 1, with the mechanism to be agreed with Barnfield Blackburn Ltd and the purchase/investor, be noted.

7)    That the reallocation of funds to acquire an alternative unit at the Development be approved and that the acquisition of Unit 2 (Block A) for £750,000 (exc. VAT) plus SDLT be approved and that a plan of the development was attached to the report as Annex B.

8)    That it be noted that in accordance with the Council’s Capital Strategy, as approved at Finance Council in February 2026, the surplus income would be accounted for as a capital receipt and therefore used in support of the Council’s Minimum Revenue Provision (to repay debt).

9)    That authority be delegated to the Growth Programme Director and the Deputy Director of Legal and Governance to finalise terms and complete the necessary legal formalities and amend the existing contract with Barnfield Blackburn Ltd to omit the fit-out works in lieu of financial consideration.

10)That authority be delegated to the Growth Programme Director and the Deputy Director of Legal and Governance to finalise terms and complete the necessary legal formalities for the disposal and purchase agreements.