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V25-747 : SALE OF FREEHOLD DEVELOPED SITES

The Director of Central Services reported that the Council's policy towards the disposal of undeveloped land on the South Lowestoft Industrial Estate was to offer it on a freehold or leasehold basis to suit developers' requirements.

However, there were a number of developed industrial sites let on 99 year leases at a ground rent reviewable at periods ranging from five to 25 years. A number of lessees had enquired as to a change in policy to enable the freehold reversion to be acquired. These had been refused over the last 18 months pending a possible change in the rules governing spending of Capital Receipts. The Director explained that the sale of these reversions would allow a significant Capital Programme to be funded, although this would be offset against the loss of revenue from the existing ground rent. Members wished to give this matter more consideration and deferred a decision until the next meeting.

RESOLVED

That consideration of the Council's policy in respect of the sale of freehold reversion interest in developed sites be deferred until the next meeting of the Sub-Committee.

Volume 25 Minute 747

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