Agenda item

(a)  That delegated authority be granted to the Head of Asset Management to purchase Crossier Properties Ltd land holdings at the above property at auction on the 28th July 2015, subject to the sum not exceeding £1m.

(b)  That the site should in the first instance be purchased via the SRP, if this route is approved by the Morgan Sindall Plc board (or any other authority required on the commercial partner’s side), or purchased directly by Slough Borough Council (SBC) if such approval cannot be obtained.

(c)  That the necessary adjustments to the Capital Programme 2015/16 be recommended to full Council on 21st July 2015.

The Head of Asset Management introduced a report which requested delegated authority to seek to purchase the Cross Keys Public House in Chalvey at auction on 28^th July 2015.  The report had been added to the agenda as an urgent item with the approval of the Leader and the relevant public notices had been published.

The land was strategically important to develop as private family housing as part of the Chalvey Regeneration Strategy.  The Council already owned 29% of the regeneration site and had sought to work with the current neighbouring owner, Crossier, to bring forward a comprehensive residential scheme.  An 8 unit scheme on the Crossier land had received planning approval in June 2015 but it was felt there was potential for an 11 unit combined scheme.  The Crossier owned land would be auctioned on 28^th July and it was proposed that the Council bid to buy the site, preferably via the Slough Regeneration Partnership (SRP).

The Commissioner for Neighbourhoods & Renewal commented that this had been a difficult site to develop and the opportunity to bring it under a single ownership would help to unlock its potential for housing as part of the wider regeneration of Chalvey.  It was noted that good progress had been made on a number of other schemes and sites in the strategy, as had previously reported to Cabinet.  It was agreed in principle to delegate authority to bid at the auction to help bring forward redevelopment of the site and that this should be done via the SRP if possible.  The guide price was £775k and the detailed calculations would be made by the SRP to determine the limit at the auction.  For the purposes of the authority it was agreed that the sum bid would not exceed £1m.

Resolved –

(a)  That delegated authority be granted to the Head of Asset Management to purchase Crossier Properties Ltd land holdings at the above property at auction on the 28th July 2015, subject to the sum not exceeding £1m.

(b)  That the site should in the first instance be purchased via the SRP, if this route is approved by the Morgan Sindall Plc board (or any other authority required on the commercial partner’s side), or purchased directly by Slough Borough Council (SBC) if such approval cannot be obtained.

Recommended –

(c)  That the necessary adjustments to the Capital Programme 2015/16 be recommended to full Council on 21st July 2015.