Purpose

To seek approval to enter into a promotion agreement for Phase 3 Glenvale Park. 

Decision

RESOLVED

KEY DECISION

 That the Executive:

a)            Declared the land forming Glenvale Phase 3 as surplus.

b)            Delegated authority to the Director of Assets, Growth & Regeneration in consultation with the Executive Member for Finance, Efficiency and Change to enter into a promotion agreement with Glenvale Park LLP and to agree the market terms and progress the sale of the Council’s land and interest in Phase 3 Glenvale Park.

Reasons for Recommendations:

•           The land had planning approval for up to 800 new homes. These new homes will contribute towards the Council’s housing & growth target for North Northamptonshire.

•           Glenvale Park LLP successfully promoted the overall development and is developing the first two phases of the scheme. They are best placed to promote Phase 3 and own 14.5 hectares of land forming part of Phase 3.

•           There will be significant costs associated with obtaining a new planning consent and the Council does not have an identified budget. The proposed promotion agreement avoids the need to front load costs and ensures specialist knowledge to obtain planning consent and promote the land.

Alternative Options Considered –

•           Do nothing. The Council could leave the land use as agricultural/amenity land but would not generate a capital receipt and North Northamptonshire would miss out on 800 new homes.

•           The Council could seek to procure professional advice with a view to promoting its own land. However, this ignores the adjacent land owned by Glenvale Park LLP, which without inclusion would result in a less cohesive development scheme, and is likely to be more favourable rather than each landowner pursuing their own projects.