Decision details

This E2 paper identifies the Cavendish Road site as an opportunity to deliver Derbyshire County -2015 priorities.  The primary purpose of the project is to deliver regeneration objectives.

This proposal examines the opportunity for development and disposal of the site to facilitate the delivery of new housing, including new affordable homes, on underutilised council owned land. The secondary objective is to maximise value - profits generated from this project could then be recycled through Develop Renew to unlock and expedite further projects that will deliver further regeneration objectives and DCC Council Plan priorities, including implementation of Older Peoples Housing, Accommodation and Support Strategy and Climate Change Strategy.

The paper sets out the proposed scheme that will be submitted for pre-application planning advice and the marketing process for disposal to maximise land value.  The report seeks Partnership Board approval of the business case and E2 Project Budget of £15,000 to deliver the strategy.

That the Cabinet Member:

1.    approves to seek to dispose of Cavendish Road, Matlock by way of an option agreement to Develop Renew Partnership subject to CIPFA validation;

2.    allocates £15,000 for the Cavendish Road Project Budget to support the business case for Develop Renew to deliver the strategy before proceeding to the E3 Stage; and

3.    authorises the Director of Property to negotiate the terms of the option agreement and to instruct the Director of Legal and Democratic Services to prepare and conclude all legal documentation that may be required in respect of it.

The Land has been declared surplus to requirements and it will provide a capital receipt which can be utilised across other service departments and facilitate the delivery of 30 new homes at Cavendish Road.

To demonstrate that the Land has been openly marketed to achieve the best consideration in accordance with the Local Government Act 1972 S123.

The ‘do nothing’ option.

The ‘Council act by themselves’ option.

The ‘other private sector offer’ option.

The attached table shows the estimated gross values achieved by each option and the net return receivable by the Council.