Issue details
Disposal of Plot 6 on the North Magazine, Hereford Enterprise Zone, Rotherwas
Compliance with approved council policy.
Safeguard an existing Herefordshire business in the county and
facilitate its further expansion.
Deliver private sector investment and job creation in the EZ which
will boost confidence and interest from others and help generate
further private sector investment and job creation. Speedy
occupancy will boost the rates relief pot for the Local Enterprise
Partnership (and hence the council).
Following the award of enterprise zone status in August 2011
approximately 45 hectares (110 acres) of council owned land was
included, along with other privately owned land, in the designated
EZ. The EZ status has resulted in the council and occupiers within
the EZ benefiting from a number of government incentives such as
significantly increased awareness and profile of the location and
opportunity, business rates relief and retention, improved access
to broadband etc. These factors have resulted in an increase in
interest from local, national and international businesses in
active and advanced negotiations with the council to acquire land
within the EZ.
This area of land is located in the North Magazine area of the EZ
and has been identified for general employment use.
The sale of the land is on a freehold basis. The purchaser will not
accept or proceed with the purchase on any other basis.
All the EZ land is being actively marketed, and is being sold
according to independent land valuations and the EZ Land Disposal
Policy which was approved by cabinet member on 7 January 2016. The
plot was revalued in November 2020 to reflect current market
conditions. The agreed purchase price meets the market valuation.
Valuation document attached.
This sale has the full endorsement of the EZ executive board.
The sale is to a local business whose current premises are no
longer sufficient for their needs. They now wish to build
additional premises to enable their expansion and the ability to
expand the workforce.
The purchaser and their proposal have been assessed by the Hereford
Enterprise Zone Board and deemed to meet the Placement Strategy,
the Board’s set of criteria which each oncoming business must
achieve in order to progress onto the Enterprise Zone.
The business was assessed to have met the Placement Strategy
through its job creation predictions (in excess of 30% over 3
years) and being within one of the Enterprise Zone’s priority
sectors (People Intensive Industries).
The decision to sell this plot supports council policy to use
capital receipts from sale of land within the Enterprise Zone to
fund the capital expenditure on installing necessary infrastructure
across the site. The latest council decision to incur this
expenditure is available via this link:
http://councillors.herefordshire.gov.uk/ieDecisionDetails.aspx?ID=6182
Decision type: Non-key
Decision status: Recommendations Approved
Notice of proposed decision first published: 08/01/2021
Decision due: 7 January 2021 by Director of Economy and Place (Historic)
Contact: Mark Pearce, Programme Director, Places and Communities Email: mark@skylonpark.co.uk Tel: 01432383521.
Decisions