Decision

DETERMINED that in relation to the 3% allocation to Greater Manchester Property Venture Fund, approved by Panel on 14 July 2023, for GMPF to agree a negotiated land sale with National Highways and to market for sale the remaining land and property asset at Mottram in Longdendale.

Reasons for the decision

An allocation of 3% of Fund assets to the Greater Manchester Property Venture Fund was ratified by Panel on 14 July 2023.

GMPF purchased the land and property at Mottram in Longdendale in 2011.  Since acquisition, the property has been let on a commercial lease and operated as a livery stables.  The asset value and rental income generated is at a de-minimis level to the overall value of the GMPVF portfolio.

National Highways are seeking to acquire land in advance of powers being granted, in respect of the route of the A57 Link Roads Scheme (previously known as Trans Pennine Upgrade Programme).

Roger Hannah, as GMPF’s Property Advisors have been negotiating with National Highways regarding the land required for the road scheme and the compensation sum due in relation to the GMPF retained property.

Heads of Terms for the land sale and compensation due have now been prepared, which Roger Hannah recommend are accepted by GMPF.

As the remaining land is insufficient to enable the livery stables to continue in operation. It is proposed that the land and property are marketed for sale.