Issue - meetings

[Report of the Director for Planning, Regeneration and Development. To be introduced by the Cabinet Member for Housing and Regeneration. Cabinet to consider  selling the freehold of the land known as the Olympia Trading Estate.

The Cabinet Member for Housing and Regeneration introduced the report which sought agreement to sell the freehold of land known as Olympia Trading Estate to St William Homes LLP.  This was key Heartlands regeneration site which would provide more homes and jobs to the borough.

In response to Cllr Carter’s question, the rental income for the site from the GLA would continue until there was an exchange of contracts which would likely take place in this calendar year.

Following a vote of Cabinet Members  -

RESOLVED

1. To sell the freehold of the land known as the Olympia Trading Estate and edged red on the plan in Appendix A to either St.William Homes LLP or the GLA for the estimated sum set out in the exempt part of this report.

2. That the disposal be according to the draft Heads of Terms, set out in the exempt part of this report.

3. That delegated authority be given to the Director of Regeneration Planning and Development in consultation with the Cabinet Member for Housing and Regeneration and Cabinet Member for Resources and Culture to agree the final terms (including the final sale price) for the disposal.

Alternative options considered

Members have already approved that the Council enter into an option to sell the freehold of the Olympia Trading Estate.

The alternative option is not to agree the sale of the freehold interest in the Olympia Trading Estate to St.William.  This would result in delaying the development of the Clarendon Square development and the implementation of the current planning consent for the site.

Reasons for decision

Cabinet has previously agreed to an option to sell the freehold of the Olympia Trading Estate to the GLA but it has now been agreed that the disposal be through a straight sale either to St William or the GLA as this will be more tax efficient.

The Olympia Trading Estate forms part of Clarendon Square a key regeneration area in Wood Green. The sale of the freehold of the estate to St.William will help enable the development and take it to the next stage.

The deal with the GLA and St.William will reflect current market conditions and reflect best consideration.