Purpose

Egerton Village is a proposed high quality
mixed-use commercial development to come forward within the Wirral
Waters Regeneration Area.

On 16 September 2024, the Economy, Regeneration and Housing
Committee authorised a novation of the Grant Funding Agreement
relating to the Egerton Village project between the Council and
Peel L&P Investments and Property Limited to Starship.

Starship intends to amend the approved scheme for Egerton Village
which will require a new planning application and a proposed change
of the legal entity within its group structure which would fulfil a
‘step in’ obligation as part of a finalised novation
agreement.

This report sets out recommendations to take the project
forward.

Decision

Resolved –
That:
 
1.
  The Committee
notes that the Chief Executive has commissioned an independent
report from CBRE relating to the amended development scheme now
proposed by Starship Regeneration Egerton Village Ltd for Egerton
Village, with a view to ascertaining whether the Council’s
grant would be compliant with the legal requirements of the Subsidy
Control Act 2022 and whether in particular the planned development
would be financially viable on a sustainable basis with the
assistance of the Council grant of £1.75m; and
 
2.
  The Director
of Law and Corporate Services, in consultation with the Chair &
Party Spokespersons of this Committee, be authorised to approve the
novation of the Grant Funding Agreement between the Council and
Peel L&P Investments and Property Limited for the Egerton
Village project to Starship Regeneration Egerton Village Limited
with Peel L&P Developments Limited having step in rights, but
without a guarantee, subject to the requirements as set out in
paragraphs 5.1 to 5.3 of this report being satisfied.