Purpose

The Council sold the property pursuant to a transfer dated 30 September 1994.  The Council sold the property, with a 19.64% deduction of Open Market Value.  It then protected its interest by placing a restriction on the title that stipulates that no sale or lease is to be registered without the prior written consent of the Council.

The restriction can be removed by way of a Deed of Release upon sale.  In return the Council should receive a consideration which is calculated as 19.64% of the Open Market Value of the property.

The current owner, the executor of the proprietor’s estate, has recently accepted an offer for the property.  On 17 February 2026, notice had been served to the Council to deal with the restriction on title and determine the Open Market Value of the property.

Under the terms of the transfer, the basis of valuation is open market value, disregarding any future permitted alterations made by the current owner.

Decision

That the Council comply with the terms of the transfer by releasing the Restrictive Covenant.

Reasons for the decision

To comply with the terms of the transfer. 

Alternative options considered

Reject: If rejected this will be a breach in covenant and the Council would be acting unreasonably.