Nottingham City Council has decided on the sale of a parcel of land located off Arnside Road in Bestwood, Nottingham.
The decision, documented under Reference Number 5026, was authored by Emma Wilcock from the Department of Growth and City Development.
Key Points:
Decision to Sell: The Council has resolved to dispose of its freehold interest in the land, which is part of the subject site. This decision is based on the recommendation that the terms set out would achieve the best consideration for the Council’s interest in this surplus asset.
Delegation of Authority: The Director of Economic Development and Property has been granted the authority to approve any variations to the final terms of the sale. Additionally, should the recommended sale not progress for any reason, the Director has the authority to return the land to the open market and approve the suitable method of sale.
Reasons for the Decision: An earlier decision in 2018 (ref 3134) authorised the Council to collaborate with an adjoining landowner, aiming to assemble a larger development site for sale on the open market. Since then, the value of the decision has increased due to favourable market conditions and increased confidence in the redevelopment potential.
Other Options Considered: The Council considered not progressing with the sale on the recommended terms but decided against it as the proposed terms reflect the best consideration for the Council. Another option was to retain the property, but this was not recommended as the Council is already part of a collaboration agreement that benefits them and obliges progress towards a sale.
Implications: The disposal and redevelopment of the site are expected to reduce the potential for trespass and settlement on the land, addressing recent issues experienced in the area.
Legal and Financial Insights: The decision and its terms regarding the property’s value are exempt from publication. However, legal advice was provided by Fezil Veli, and financial advice was given by Tom Straw.
Property Advice: The property in question has been subjected to open marketing, and terms for a sale have been agreed upon. Property Services recommends that the Council proceed with this sale, ensuring market value.
