Issue - meetings

This report seeks approval of the Cabinet Member for Property, Waste, and Infrastructure to the freehold disposal of The Bungalow Development Site, (comprising of Rose Bungalow, 2 Parkview Bungalow, 3 Parkview Bungalow and land at Norbury Park, Mickleham, Dorking, RH5 6DN) following an open market campaign. The asset is to be sold with full vacant possession and Surrey County Council (The Council) will accept, as part of the transaction, a surrender of the current head-leasehold interests held over the bungalows by Halsey Garton Residential Ltd (HGR).

The Cabinet Member:

1.    Formally declares the assets forming the site surplus to operational requirements (in consultation with The Leader and Deputy Leader).

2.    Approved the sale of The Bungalow Development Site, (Rose Bungalow, 2 Parkview Bungalow, 3 Parkview Bungalow and land at Norbury Park, Mickleham, Dorking, RH5 6DN) to the party, at the price and subject to the conditions, noted in the Part 2 report. The sale is conditional upon the simultaneous surrender of the headlease interests held over part of the site by HGR which has been agreed by the HGR Board.

3.    Approved payment of the HGR premium for the surrender of its interest from the gross receipt with both parties bearing their own costs on the appointments of their separate professional team.

4.    Delegated authority to the Executive Director, Environment, Property and Growth in consultation with the Director of Land and Property to finalise the transaction and enter into all associated legal agreements.