Decision details

Sale of land for development at the Fruit and Vegetable market, Southampton

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To consider the report of the Leader of the Council recommending the sale of the Council’s land at the Fruit and Vegetable Market to enable the development of new homes and business premises and to delegate authority to the Head of Development, Economy and Housing Renewal to approve the detailed terms and conditions necessary to conclude the legal documentation to facilitate the disposal of the site.

Decision:

(i)  To approve the sale of the Council’s freehold interest in the land shown on the plan at Appendix 2 to Hampshire and Regional (F&V) Limited; and

(ii)  To delegate authority to the Head of Development Economy and Housing Renewal after consultation with the Leader of the Council or relevant Cabinet Member to agree detailed terms and conditions and to take any other actions required to give effect to this decision. 

Reasons for the decision:

To facilitate the development of new homes and business premises on a VIP regeneration site in the City Centre. 

Alternative options considered:

1.  Do nothing, do not sell the Council’s freehold interest: The site will remain in decline with only sporadic and disconnected development in the future. 

2.  Market the Council’s freehold interest: As the purchasing company’s parent company, Hampshire and Regional Limited (HRL) has control of the leases on the site, selling the freehold to any party other than HRL or group company would create a ransom position that could stall the development of the site indefinitely.

Report author: Alastair Dobson

Publication date: 16/06/2015

Date of decision: 16/06/2015

Decided at meeting: 16/06/2015 - Cabinet

Effective from: 26/06/2015

Accompanying Documents: