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V25-912 : FRED REEVE LIMITED

SOUTH LOWESTOFT INDUSTRIAL ESTATE

The Director of Central Services reported that at the last meeting of this Sub-Committee a decision on the sale of the freehold interest in this land was deferred pending a review of the Council's policy.

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 from 25 December 1972 at a ground rent of £1200 pa renewable every 25 year period. The site was mainly undeveloped and had been vacant for some time and was very much in need of investment to bring it into use. The ground rent 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. The lessee was prepared to pay £185,000 for the freehold interest.

The Head of Valuation and Estates was of the opinion that the sum offered represented market value and felt that in the circumstances the Council's best interest would be to sell the freehold.

RECOMMENDED

That the freehold interest in 2.4 acres of land at 2 Tower Road leased to Fred Reeve Limited be sold to that company for £185,000 and that the use clause be use classes B1, B2 and B8 of the Town and Country Use Classes Order subject to planning permission being obtained.

Volume 25 Minute 912

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