Content

Subject to consideration of any objections to
the Council’s notice of its intention to dispose of open
space land pursuant to s123(2A) of the Local Government Act 1972
which closes on 7 March 2024.

To enter into an Option Agreement on 8 March 2024 with Blackwell
Park Limited providing the option for them to purchase a small
parcel of Council-owned land necessary to enable development on
Blackwell Park. If the option is exercised then subject to the
terms and conditions of the Option Agreement the Council will
transfer the land to Blackwell Park Ltd, for a further price, and
an Overage Agreement will also be entered in to so that the Council
can benefit from any additional financial gain as a result of the
sale.

Reasons for the decision

Selling the land to Blackwell Park Ltd will
allow them to proceed with the development of a strategic site,
allocated within the Local Plan, A26 Blackwell Farm. This meets the
priorities set by the Council and supports delivery of the Local
Plan.

An Option Agreement provides Blackwell Park Ltd with certainty
about the sale of the land and enables the Council to benefit from
an immediate financial return.

An option fee is paid to the Council on completion of the Option
Agreement and then, if the option is exercised, the Council will
receive a further payment (minus the amount already paid for the
option) which is the higher of:
1. a set minimum value; or
2. a percentage of the development valuation.

It has been assessed that this deal represents best value for the
Council in accordance with s123 of the Local Government Act 1972
and therefore it is a good use of the Council’s assets to
make a financial return and support the Local Plan.

Alternative options considered

The Council has considered not selling the
land to Blackwell Park Ltd, this would mean that development could
not be delivered on the site which would not be consistent with the
Local Plan. It would also mean that the Council was not making best
use of its assets by securing a financial return for the
Council.

The Council has considered not entering into an Option Agreement
but this would create uncertainty for Blackwell Park Ltd in
applying for planning permission and the terms of the Option
Agreement ensure that the Council obtains best value as well as an
immediate financial return.