Issue - meetings

AGREED     that Cabinet approve to appropriate the land at Bowbridge Road, Newark from the GF to the HRA at the current value of £326,400 with subsequent CFR adjustment of £224,976 and Capital Receipt transfer of £101,424 to enable construction of HRA properties to support the local housing need and meet the Council’s business plan objectives. 

The Development Manager - Corporate Property was in attendance to present a

report which sought approval to transfer the residue land off Bowbridge Road,

Newark from the General Fund to the HRA to facilitate the proposed new build

development of 5 no large family 4 and 3 bed level access bungalows to meet the

local housing need. The land had been held for the purpose of a car park, however

was no longer required as the car park had been developed on the rest of the site.  

The land had been valued as part of the Council’s rolling valuation programme in 2024/25 at a value of £326,400, representing £65,280 per unit. The Cabinet welcomed the proposal, especially the type of housing that was proposed and suggested that parling measures may be required due to the proximity to the hospital and town centre.

AGREED     (unanimously) that Cabinet approve to appropriate the land at Bowbridge Road, Newark from the GF to the HRA at the current value of £326,400 with subsequent CFR adjustment of £224,976 and Capital Receipt transfer of £101,424 to enable construction of HRA properties to support the local housing need and meet the Council’s business plan objectives. 

Reasons for Decision:

To enable construction of 5 no HRA bungalows to support the local housing need.

Options Considered:

The options to dispose of the land to the YMCA and Arkwood Developments Limited were explored, neither of these options were viable and were discounted.

Leave the land in the General Fund for future currently unidentified potential development.