PAPER G3
Purpose : For Decision
Committee : EXECUTIVE
Date : 26 MARCH 2002
Title : 5 AND 6 MARKET STREET, VENTNOR
PORTFOLIO HOLDER - RESOURCES
SUMMARY/PURPOSE
The Council has an option to acquire these cottages which will expire at the end of March. The acquisition forms part of redevelopment proposals for the area and terms are being recommended to progress the purchase in partnership with the potential developer.
BACKGROUND
These cottages form part of the route to a new wider roadway into the central area of Ventnor. Members have already considered proposals to formulate new parking arrangements in the area, for the clearance of derelict buildings and the possibility of new retail development which is linked to this proposal. The attached site plan shows the land parcels being assembled. The agent for Aldi Stores Limited, namely Kingcross Limited, has acquired options to purchase those parcels outside the Council ownership.
OUTCOME OF CONSULTATIONS
Members will be aware that the Council has undertaken a wide range of public consultations in terms of redevelopment in the middle of Ventnor, the outcome of which has positive support to progress mixed retail, residential and parking proposals. The final details of this are yet to be brought forward.
FINANCIAL IMPLICATIONS
The total price of these cottages is £130,000 and a forward sale to fund the same is proposed as set out in the confidential paper appended.
LEGAL IMPLICATIONS
The title to these properties is freehold.
RECOMMENDATIONS That the Council acquire the cottages and sell the same on the terms set out in the confidential report. |
BACKGROUND PAPERS
Report to Executive 25 January 2002
Contact Point : Tony Flower, ☎ 823263
M J A FISHER Strategic Director Corporate and Environment Services |
R R BARRY Portfolio Holder - Resources |
CLICK HERE TO VIEW CONFIDENTIAL APPENDIX