Agenda item

This report asks Members to consider the bids received for the freehold of the Parkside Commercial Centre, following the recent marketing of the site, and seeks approval to sell the premises to the preferred bidder.

RESOLVED: (i)         That the offer from HHB Investments Ltd to purchase the property for the figure stated in exempt Annex 3 (Bid C, proposal 2) be accepted, subject to planning consent, to proceeding with the design and planning application quickly, and to a deduction for any abnormal construction costs associated with the site.

                        (ii)        That, if the above sale does not proceed due to refusal of planning permission or for any other reason, approval be given to accept bids in the following order: Bid C (proposal 1), Bid B and Bid A, subject to any planning consent being obtained.

REASON:      To maximise the receipt for the site, in order to support the approved capital programme.

Members considered a report which presented the bids received for the freehold of the Parkside Commercial Centre, following the recent marketing of the site, and sought approval to sell the premises to the preferred bidder.

Offers had been invited by informal tender for the existing use of the site for light industry and storage or for other uses such as office, leisure etc.  Due to its location within the flood plain, the site was not considered suitable for residential development.  In total five bids had been received and the three highest bidders had been invited to provide additional supporting information. 

The bidders in question were:

• Bike Rescue, the current occupiers (Bid A)
• The Caravan Club (Bid B – 2 proposals submitted)
•  HHB Investments Ltd (Bid C – 2 proposals submitted)

Details and an analysis of the bids were provided in exempt Annex 3 to the report.  It was recommended that the site be sold to HHB Investments, subject to planning consent.

Having noted the comments of the Labour Group Spokespersons on this item, it was

RESOLVED: (i)         That the offer from HHB Investments Ltd to purchase the property for the figure stated in exempt Annex 3 (Bid C, proposal 2) be accepted, subject to planning consent, to proceeding with the design and planning application quickly, and to a deduction for any abnormal construction costs associated with the site. ^1.

                        (ii)        That, if the above sale does not proceed due to refusal of planning permission or for any other reason, approval be given to accept bids in the following order: Bid C (proposal 1), Bid B and Bid A, subject to any planning consent being obtained. ^2.

REASON:      To maximise the receipt for the site, in order to support the approved capital programme.