Somerleyton Road Phase 2 – Contract Appointment of Preferred Development Partner
July 29, 2024 Corporate Director: Growth and Environment (Officer) Awaiting outcome View on council websiteThis summary is generated by AI from the council’s published record and supporting documents. Check the full council record and source link before relying on it.
Summary
...to appoint Higgins as the Development Partner for Somerleyton Road Phase 2 and to enter into associated agreements for the redevelopment of the site, including a long lease with a minimum payment to the Council of £5m.
Full council record
Decision
(1) To appoint Higgins as the Development Partner for Somerleyton Road Phase 2, following a successful procurement exercise.
(2) To enter into a Planning Commencement Agreement with Higgins in Q2/3 2024/25, for the redevelopment of Phase 2 Somerleyton Road.
(3) To enter into a Development Agreement with Higgins in Q3/4 2024/25 for the redevelopment of Phase 2 Somerleyton Road,
(4) In accordance with and subject to the provisions of the Development Agreement, to enter into a long lease of 999 years, estimated to take place in Q4 2025/26, on satisfaction of Conditions Precedent with Higgins, with a minimum payment to the Council of £5m.
Supporting Documents
Details
| Outcome | For Determination |
| Decision date | 29 Jul 2024 |