Decision details

In July 2018 Cabinet agreed to a 3-year option, expiring Jan 2022, to sell freehold 13.5 acres of land for the purpose of a new factory development site at Ingenium Park. Subject to the Council acquiring a small piece of land from the prospective purchaser to facilitate the Ingenium Park access road.

The prospective purchaser would like to vary the terms of the option by immediately acquiring 1.67 acres of the land on a long leasehold basis (999 years), this is to create an access to and extension of a lorry standing area for a new vehicle test centre. The option on the remaining land to be changed from freehold to leasehold on a 3-year unexpired basis.

To vary the terms previously agreed by Cabinet in July 2018 for the sale of the 13.5 acres of land at Ingenium Parc.

Reason - To allow the immediate lease of 1.67 acres of the land on a long leasehold basis (999 years) with an option to lease the remaining land on a 3-year unexpired basis.

Informal discussion has taken place with the prospective purchaser and this is considered to be the best option.