Agenda item

(a)  Agreed to the disposal of the Montem Lane asset and to delegate authority to the Executive Director of Housing and Property, in consultation with the Lead Member for Financial Oversight and Council Assets and the Executive Director of Finance and Commercial, to enter into the sale contract and the related legal documentation in connection with the disposal in accordance with the Heads of Terms and Site Development Plan (SDP) appended at Appendix 4 and 2.

(b)  Approved the Draft Formal Site Development Plan for Montem Lane so that this document can be considered to be “Adopted” in accordance with the terms of the SUR Partnership Agreement (PA).

A report containing the recommendations of the Cabinet Committee for Asset Disposals was considered that sought approval for the disposal of land assets at Montem Lane, which was one of a series of sites that were owned by the Council and opted to Slough Urban Renewal (SUR).

The Part II appendices were considered and noted without disclosing any of the exempt information.

The proposed sale had been subject to option review and a due diligence process and reflected the best consideration reasonably obtainable for the disposal.  The Leader of the Council highlighted that the site had attracted a number of bids above expectations.  The details of the bidders was set out in the exempt appendices and the highest bidder was noted to have a strong track record which gave confidence that the outcome the Council had sought to develop the site for much needed housing would still be achieved.  The disposal would generate a capital receipt and remove and development risks from the Council.

Councillor Smith addressed the Cabinet and expressed the view that the proposed sale showed that by stepping in to develop the site the private sector was demonstrating it could do better for Slough residents and taxpayers than the Council.  The Leader pointed out that the Council had already brought in the private sector via SUR and the proposed deal was good for the Council and taxpayers by securing both a capital receipt and the development of new housing.

At the conclusion of the discussion the recommendations of the Cabinet Committee were agreed.

Resolved –

(a)  Agreed to the disposal of the Montem Lane asset and to delegate authority to the Executive Director of Housing and Property, in consultation with the Lead Member for Financial Oversight and Council Assets and the Executive Director of Finance and Commercial, to enter into the sale contract and the related legal documentation in connection with the disposal in accordance with the Heads of Terms and Site Development Plan (SDP) appended at Appendix 4 and 2.

(b)  Approved the Draft Formal Site Development Plan for Montem Lane so that this document can be considered to be “Adopted” in accordance with the terms of the SUR Partnership Agreement (PA).