The recommendations were amended and then agreed.

DECISION

1.    To agree that the land and buildings at Ailsa Street, Lochnagar Street and Bromley Hall Road E14, as shown on the plan at Appendix A to the report, are surplus to the Council’s requirements.

2.    Having noted the valuation information set out in the exempt Appendix C to the report, agree to the disposal of the Council’s freehold interest in the land to Ailsa Wharf Development Ltd on the terms set out in the report and exempt Appendix B to the report.

3.    To authorise the Acting Corporate Director, Place, to agree to any non-material variations to the terms and the precise boundaries of the land to be sold in order to implement the recommendations above.

4.    To authorise the Corporate Director, Governance, following consultation with the Acting Corporate Director, Place, to enter into the necessary legal agreements required to implement the recommendations above.

Action by:

ACTING CORPORATE DIRECTOR, PLACE (A. SUTCLIFFE)

(Acting Divisional Director, Property and Major Programmes (R Chilcott)

Councillor David Edgar, Cabinet Member for Resources, introduced the report which related to the sale of Council owned land to support redevelopment of the Ailsa Wharf area. He thanked officers who had worked hard to get the greatest benefit from this site in negotiation with the other interested parties.

During discussion concerns were noted about ensuring Londoners were given the first opportunity to buy properties in the scheme and questions were also asked as to how current users of the site were being managed.

It was noted that Recommendation 4 should be amended to delegate authority to the Corporate Director, Governance, following consultation with the Corporate Director, Place, to enter into necessary legal agreements.

The Mayor noted the exempt appendices, agreeing the reasons for restriction as follows:

By virtue of section 100A of the Local Government Act 1972 and paragraph 3 of Schedule 12A of the Local Government Act 1972, two appendices in this report are exempt as they contain Information relating to the financial or business affairs of any particular person (including the authority handling the information).  Specifically, the appendices contain land valuation information and the terms of the disposal; the premature publication of this information could prejudice the Council in negotiating the transaction. In all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the appendices as it could jeopardise the Council’s financial position when negotiating the transaction with the developer.

The Mayor agreed the recommendations as set out subject to the amendment stated above.

RESOLVED

1.    To agree that the land and buildings at Ailsa Street, Lochnagar Street and Bromley Hall Road E14, as shown on the plan at Appendix A to the report, are surplus to the Council’s requirements.

2.    Having noted the valuation information set out in the exempt Appendix C to the report, agree to the disposal of the Council’s freehold interest in the land to Ailsa Wharf Development Ltd on the terms set out in the report and exempt Appendix B to the report.

3.    To authorise the Acting Corporate Director, Place, to agree to any non-material variations to the terms and the precise boundaries of the land to be sold in order to implement the recommendations above.

4.    To authorise the Corporate Director, Governance, following consultation with the Acting Corporate Director, Place, to enter into the necessary legal agreements required to implement the recommendations above.