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V25-911 : SALE OF FREEHOLD DEVELOPED SITES

The Director of Central Services reported that at the last meeting of this Sub-Committee a decision on the sale of freeholds was deferred.

Current policy was to offer undeveloped land on the South Lowestoft Industrial Estate on either a freehold or leasehold basis to suit developers' requirements. In the case of developed sites let on 99 year leases at ground rents reviewable at periods ranging from 5 to 25 years, requests from the lessees to buy the freehold interest had generally been refused.

There had been a number of enquiries regarding the sale of these freeholds, and three offers totalling £630,000 had been received since 7 January 1997. The main benefit of a sale was to unlock a capital receipt which could be used in part, normally 50%, to fund the capital programme.

The remainder of the capital receipt was set aside for the repayment of debt. The benefit of a sale policy would therefore depend on the priority given by the Council to achieving a particular level of capital programme which was dependent on these capital receipts.

The options open to the Sub-Committee were to consider each application on its specific merits, to refuse all such sales or to approve all such sales subject to a satisfactory price being agreed.

RECOMMENDED

That applications for the sale of freehold reversionary interests in developed sites be considered on their specific merits.

* Policy Decision.

Volume 25 Minute 911

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