Purpose

By Cabinet decision on 4 July 2012 Complex
Development Projects Ltd (“CDP”) was appointed as
preferred developer and authority was delegated to the Strategic
Director of Corporate Services to conclude the terms of contract
documentation, to be followed by the grant of a 150 year lease. The
Agreement for Lease (“AFL”) completed on 11 November
2015 and there have been several variations to the AFL since 2015.
On 24 June 2022 the original contracting party CDP assigned the AFL
to Redcliffe Wharf (Bristol) Limited (“RWBL”) which is
a joint venture company involving CDP and Generator Group.
In October 2022 the Council was awarded a Brownfield Land Release
Fund grant of £515,649 and by Cabinet decision on 6 December
2022 acceptance of the grant was endorsed and the Executive
Director Growth and Regeneration in consultation with the Mayor was
authorised to take all steps required to enter into the Grant
Funding Agreement (GFA) and to accept, draw down and use the
grant.
The principal terms agreed are as follows:
•AFL to be varied to achieve the same financial outcome for
the Council whilst allowing a phased drawdown; instead of one lease
of the entire site the development will be divided into 2 phases.
The purchase price remains the same and will be paid in its
entirety on drawdown of the first phase.
•Variation of the term of the lease from 150 years (as per
Cabinet decision 4 July 2012) to 990 years to accommodate revised
tenure regulations for shared ownership housing, which now require
a minimum tenure of 990 years. The scheme for which planning
consent has been granted provides for the delivery of three such
housing units;
•Secure compliance by RWBL with the obligations imposed on the
Council by the GFA prior to release of the grant monies to
RWBL.
The site has been revalued as at July 2023 and the purchase price
meets the requirements of s123 LGA 1972 in that the price paid is
the best that can reasonably obtained.

Content

Approve entering into a deed of variation with
Redcliffe Wharf (Bristol) Limited for the reasons set out in
paragraph 5.