Agenda item

(a)  That progress with the proposed  sale be continued, conditional upon planning consent, at existing use value, to Shanly Homes Limited  and/or  its asset holding subsidiary with  a view to  comprehensive redevelopment of the area for private residential use, and

(b)  Seek to appropriate Council land to planning purposes to facilitate this as detailed in Section 5 (e) of the report.

The Head of Asset Management introduced a report updating Members on the progress made on the regeneration of Windsor Road since the Cabinet decided on 15^th September 2014 to work collaboratively with Shanly Homes Limited (MSH) on the comprehensive redevelopment of the area.

The Cabinet had agreed to dispose of the Council’s interest in 81-12 Windsor Road to realise the long term objectives of the road widening scheme and regeneration of properties from 81-127 Windsor Road.  The Heads of Terms had subsequently been agreed with Sorbon Estates, the subsidiary of MSH, that owned the properties to the south of the site and the access land to the rear of the property, which is subject to planning permission for a scheme for circa 110 flats.  In response to the issues raised by Cabinet on 15^th September 2014, it was confirmed that the agreement included a stipulation that development commence within three years of planning permission being granted; a planning clawback on the vendor if the scheme exceeded more than 110 two bedroomed flats; and a profit share with SBC if the net development profit was more than 17.5% of the schemes Gross Development Value.  Members attention was drawn to the legal implications set out in section 5(e) which detailed the requirements in terms of appropriating the relevant land for planning purposes and this was agreed.

The Cabinet considered a range of issues including the proposed timescales for the planning process and redevelopment; the working relationship with MSH; and the funding arrangements for the road widening scheme.  It was noted that whilst the capital receipt from the disposal was not ring fenced for the road widening scheme, provision had been made in the Capital Programme.  Commissioners welcomed the progress that had been made in reaching an agreement that would both facilitate the long term aspiration for a road widening scheme as well as securing the delivery of a comprehensive redevelopment of a key gateway site.  Members also emphasised the importance of proactive communication with local residents now that the progress update was in the public domain.

Resolved –

(a)  That progress with the proposed  sale be continued, conditional upon planning consent, at existing use value, to Shanly Homes Limited and/or its asset holding subsidiary with  a view to comprehensive redevelopment of the area for private residential use, and

(b)  Seek to appropriate Council land to planning purposes to facilitate this as detailed in section 5 (e) of the report.