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V25-751 : FRED REEVE LIMITED - SOUTH LOWESTOFT INDUSTRIAL ESTATE

The Director of Central Services reported that the Council leased 2.4 acres of land at 2 Tower Road, South Lowestoft Industrial Estate, to Fred Reeve Limited for a term of 99 years. The ground rent review for the 25 year period from 25 December 1997 could not be agreed and the matter had been referred for arbitration. However, the arbitration had been put on hold pending the possible sale of the freehold interest in the site, for which the lessee was prepared to pay £185000.

The Sub-Committee had earlier resolved to defer consideration of the Council's policy in respect of the sale of freeholds to the next meeting of the Sub-Committee.

RECOMMENDED

That consideration of the sale of the freehold interest in 2.4 acres of land at 2 Tower Road, South Lowestoft Industrial Estate be deferred pending a review of the Council's policy at the next meeting of the Sub-Committee, and that the ground rent arbitration continue.

Volume 25 Minute 751

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