Anticipated reasons for restriction

Plot 21, Terminus Road, Chichester

By virtue of paragraph(s) 3 of Part 1 of Schedule 12A of the Local Government Act 1972.

Explanation of Reasons

Reason restricted justification

Cabinet have previously approved a budget for the demolition of the existing building and redevelopment of this site with a single unit, subject to a pre-let agreement being in place before the new unit is built. Unfortunately, marketing of the site has failed to secure such a pre-let agreement.

However, an offer has been received from a developer proposing to take a long lease of 150 years subject to a development agreement and annual ground rent for a five unit speculative industrial scheme.
An independent market overview report from Henry Adams suggests there is a good demand for such units. Cabinet is being advised to proceed on this basis.

However, the report not only includes financial details of the offer, but also details of the Council’s approved budget which should not be available publicly in case it would be of assistance to would-be developers in tendering for the construction work.