Issue - meetings

The Committee considered a report that sought agreement to recommend to Cabinet the disposal of Lavender Farm.  The details of the proposed disposal were set out in the appendices which were considered in Part I of the agenda without disclosing any of the exempt information.

Officers summarised the disposal process that had been undertaken and it was noted that a best and final offer had been received from the incumbent tenant.  The recommendation from Avison Young was that the offer reflected best value.  The history of the site was discussed, including the use and potential for future development and any overage provisions.  The bid not include any overage provision and seeking such a clause would likely reduce the sum achieved.  Furthermore, as there was limited prospect of the site being developed within any period such a provision would be enforceable, it was considered the best option to dispose on the terms proposed.  The Committee did highlight that overage should be an active consideration at an early stage of negotiations for future disposals to ensure the Council’s financial interests were protected.

The Lead Member highlighted a discrepancy in the valuation reports about whether any of the land was within the Slough boundary.  It was asked that the specific wording be clarified prior to the Cabinet meeting.

It was noted that the Chair of the Overview & Scrutiny Committee had agreed that call-in provisions be waived to enable the transaction to be implemented immediately, if Cabinet approved the decision on 21^st November 2022.

The Committee agreed to recommend to Cabinet that the disposal of Lavender Farm be approved on the terms proposed in the report and appendices.

Recommended to Cabinet –

That the disposal of Lavender Farm be agreed and to delegate authority to the Executive Director of Property and Housing, in consultation with the Lead Member for Financial Oversight and Council Assets and the Executive Director of Finance and Commercial, to negotiate the terms of and enter into the contract and other legal documentation in connection with the disposal subject to the terms being consistent with the Heads of Terms appended at Confidential Appendix 3 and the information provided within this report.