Property Transaction - Disposal
Additional documents:
Decision:
RESOLVED:
1. Surrey County Council enters into a Landowners Agreement with the Kenward family in regard to their landholdings at Coxbridge Farm, West Street, Farnham, to include the lifting of restrictive covenants over the land owned by the Kenwards. In the event there is no signed agreement, the restrictive covenants will remain in place.
2. Surrey County Council enters into a Promotion Agreement with Sentinel Housing (operating as Vestal Developments Ltd) to permit the promotion of the land owned by the council and the Kenwards and to bear a proportion of the cost of promotion, as outlined in paragraph 14 of the submitted report.
3. As part of the Promotion Agreement, Surrey County Council agrees to dispose of its freehold interest, provided it meets a prescribed minimum land price per acre, as outlined in paragraph 23 of the submitted report and authority be delegated to the Chief Property Officer, in consultation with the Leader and Cabinet Member for Property and Business Services, Director of Finance and the Director of Legal, Democratic and Cultural Services, to enter into a sale contract, provided this condition is met.
Reasons for Decisions:
To secure a significant capital receipt from the modification of the restrictive covenants and sale of the Surrey County Council owned land that has been identified in Waverley Borough Council’s emerging local plan as a potential residential extension to Farnham.
[The decision on this item may be called in by the Corporate Services Select Committee]
Minutes:
The Cabinet Member for Property and Business Services introduced the report in which he requested that Cabinet entered into a Landowners Agreement with the Kenward family.
Cabinet requested that an additional sentence was added to recommendation 1, namely that in the event that there was no signed agreement the restrictive covenants would remain in place.
RESOLVED:
1. Surrey County Council enters into a Landowners Agreement with the Kenward family in regard to their landholdings at Coxbridge Farm, West Street, Farnham, to include the lifting of restrictive covenants over the land owned by the Kenwards. In the event there is no signed agreement, the restrictive covenants will remain in place.
2. Surrey County Council enters into a Promotion Agreement with Sentinel Housing (operating as Vestal Developments Ltd) to permit the promotion of the land owned by the council and the Kenwards and to bear a proportion of the cost of promotion, as outlined in paragraph 14 of the submitted report.
3. As part of the Promotion Agreement, Surrey County Council agrees to dispose of its freehold interest, provided it meets a prescribed minimum land price per acre, as outlined in paragraph 23 of the submitted report and authority be delegated to the Chief Property Officer, in consultation with the Leader and Cabinet Member for Property and Business Services, Director of Finance and the Director of Legal, Democratic and Cultural Services, to enter into a sale contract, provided this condition is met.
Reasons for Decisions:
To secure a significant capital receipt from the modification of the restrictive covenants and sale of the Surrey County Council owned land that has been identified in Waverley Borough Council’s emerging local plan as a potential residential extension to Farnham.