Issue - meetings

Union Place Joint Venture Agreement

Meeting: 14/03/2024 - Joint Strategic Sub-Committee (Worthing) (Item 65)

65 Union Place – Joint Venture Partnership with Roffey Homes Ltd. to secure the redevelopment of the site and delivery of new and affordable homes pdf icon PDF 2 MB

To consider a report by the Director for Place, copy attached as item 13

Minutes:

Before the Committee was a report by the Director for Place, copies of which had been circulated to all Members and a copy of which is attached to the signed copy of these minutes as Item 13.

 

The purpose of this report before members was to agree the principle of two land transfers to the formative Union Gardens Joint Venture in order to secure greater certainty over the redevelopment of Union Place, prior to the Joint Venture Agreement (JVA) with Roffey Homes Ltd. being formalised. The report reflected the successful outcome of negotiations with NCP to secure the release of the current car park site to ensure that comprehensive development of the entire Union Place site (comprising sites A,B and C - Appendix 1) can take place in a timely and efficient manner. 

 

The council had secured an additional £5.6m of funding to connect buildings outside the town centre and extend the network to Splashpoint and Pavilion Theatre.

 

The report updated members of the Sub-Committee on progress with the JVA; and the outcome of negotiations to date and confirmed the interest of Homes England in providing a development funding package to support the development.

 

 

 

Decision

 

1.     That the significant progress towards the terms of the proposed Joint Venture Limited Liability Partnership (LLP) Members’ Agreement (referred to in this Report as a Joint Venture Agreement (JVA)) with Roffey Homes Ltd be noted.

 

2.     Agree to the principle of, and for officers to work towards:

 

a.     the proposed transfer to the Joint Venture LLP, of the Council’s existing two land parcels, being the NCP Car Park site (land parcel A) and the former police station site (land parcel B) as set out in Appendix 1; and

 

b.     the proposed transfer to the LLP of land parcel C, also set out in Appendix 1, after it is acquired from London & Continental Railways Limited (LCR), as per para 2.5 below.

 

These land transfers are required, to enable the regeneration of Union Place. The transfers are subject to the Committee’s formal agreement (with such Committee agreement, proposed to be requested as part of the Committee’s approval of the JVA, in June 2024). The land transfers would be on the basis that the equity share in the LLP which WBC would receive in return for the three land parcels, will reflect an up-to-date valuation report relating to the WBC-owned land, subject to deduction of the cost of purchase as set out at paragraphs 2.3 and 2.5 below.

 

3.     That it be agreed to surrender the current lease agreement with NCP in accordance with the Heads of Terms attached at Exempt Appendix 3, and note that the cost of surrender of the lease will be funded by the Joint Venture LLP and deducted from the Council’s deemed equity contribution (based on value of WBC land to be contributed to the LLP) to the Joint Venture, on the basis that:

 

a.     the surrender would only be completed once the JVA is approved by the Committee (approval proposed  ...  view the full minutes text for item 65