Agenda item

(a)  That it be noted that the Council completed on the conditional acquisition of Stoke Wharf builder merchants from Travis Perkins Plc, for the existing industrial use value, in June 2017 and now owned the freehold title.

(b)  That it be noted that the option agreement to SUR exchanged in August 2017 with completion anticipated next year; and

(c)  That delegated authority be given to the Assistant Director, Finance & Audit to agree the expenditure of up to £500,000 of reasonable development costs at Slough Basin, including the demolition of existing buildings at Stoke Wharf, the cost of which would be recoverable from the regeneration project though the minimum land value payable by Slough Urban Renewal.

The Principal Asset Manager introduced a report that sought approval for a development costs budget to fund the clearance of the Stoke Wharf site to enable its redevelopment and unlock significant regeneration benefits.

The financial implications were discussed and it was noted that the cost would be deemed a reasonable development cost and would be recovered from the minimum land value payable by Slough Urban Renewal (SUR) from the development receipts of the regeneration scheme.  The Cabinet recognised the importance of this major regeneration scheme and welcomed the progress that was being made.  The demolition would eliminate business rates liabilities and improve the delivery programme for the site.

Speaking under Rule 30, Councillor Strutton commented on a number of issues that had been discussed at the Local Access Forum including public access along the canal and the provision of disabled car parking spaces.  Councillor Swindlehurst also addressed the Cabinet and he expressed concern about the identified risk about developing a scheme that was planning policy compliant.  He emphasised the importance of ensuring schemes involving the Council was a Joint Venture partner were compliant and met the relevant planning obligations for affordable housing.

At the conclusion of the discussion, the Cabinet agreed to delegate authority to approve a budget of up to £500,000 for development costs of Slough Basin.

Resolved –

(a)  That it be noted that the Council completed on the conditional acquisition of Stoke Wharf builder merchants from Travis Perkins Plc, for the existing industrial use value, in June 2017 and now owned the freehold title.

(b)  That it be noted that the option agreement to SUR exchanged in August 2017 with completion anticipated next year; and

(c)  That delegated authority be given to the Assistant Director, Finance & Audit to agree the expenditure of up to £500,000 of reasonable development costs at Slough Basin, including the demolition of existing buildings at Stoke Wharf, the cost of which would be recoverable from the regeneration project though the minimum land value payable by Slough Urban Renewal.