By virtue of paragraph(s) 3 of Part 1 of Schedule 12A of the Local Government Act 1972.
Information relating to the financial or business affairs of any particular person (including the authority holding that information)
Information is not exempt if it is required to be registered under-
Information is exempt to the extent that, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information.
Information is not exempt if it relates to proposed development for which the local planning authority may grant itself planning permission pursuant to Regulation 3 of the Town & Country Planning General Regulations 1992(a).
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.