Bridge Park - Approval to Enter into the Conditional Land Sale Agreement
Decision maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
To enter a Conditional Land Sale Agreement
(CLSA) for Bridge Park with the “Purchaser” a
UK-registered subsidiary company that has General Mediterranean
Holdings SA (GMH) as the parent company and Harborough Invest Inc.
as the second guarantor.
i. Cabinet agreed to enter a Conditional Land Sale Agreement (CLSA) with the “Purchaser” a UK-registered subsidiary company (still to be formed) that has General Mediterranean Holdings SA as the parent company and Harborough Invest Inc as the second guarantor.
ii. Cabinet acknowledged that the sale of the Council's surplus land to the Purchaser under this CLSA is subject to the following Conditions:
a. -The “Planning Condition”
- The “Vacant Possession Condition” and
- The “Financial Viability Condition.
iii. Cabinet noted that the price payable by the Purchaser for the land it purchases from the Council will be re-calculated following satisfaction of the Conditions, with a development appraisal ascertaining the residual value of the land.
iv. Cabinet delegated authority to the Strategic Director, Resources, consultation with the Portfolio Lead Member for Property, in respect the negotiation and entering of a Conditional Land Sale Agreement with the “Purchaser” and awarding any professional services contracts relating to progressing the redevelopment plans for a new leisure centre at Bridge Park.
Wards Affected: Stonebridge;
Contact: Sarah Chaudhry, Head of Strategic Property Email: firstname.lastname@example.org Tel: 020 8937 1705.
Report author: Tanveer Ghani
Publication date: 17/01/2017
Date of decision: 16/01/2017
Decided at meeting: 16/01/2017 - Cabinet