Issue - meetings

William Hague Trust - Update on the Sale of the Hollies, Frederick Street, Werneth

 

 

Meeting: 26/11/2018 - Charitable Trust Committee (Item 8)

8 William Hague Trust - Update on the Sale of the Hollies, Frederick Street, Werneth pdf icon PDF 184 KB

Minutes:

Consideration was given to an update on the sale of the Hollies, Frederick Street, Werneth.

 

The background to the site was outlined in the report. 

 

A Section 121 Notice was placed on site and in the Manchester Evening News between 5 October and 6 November 2018.  No representations or objections were received. 

 

Progress with the sale of the property had been slow.  To date no firm commitment had been given to accept or sign the Heads of Terms.  The developer has requested changes and engagement has taken place through solicitors. 

 

It was confirmed that the Charity Commission did not have any objection to the sale of the property.  Members were informed of the independent panel which had been established to manage the Trust whilst it was being used by the Council in its executive capacity. It had met on 22nd November 2018 and a decision to proceed with the sale with a longstop date for exchange of contract prior to Christmas had been agreed at that meeting. 

 

Members sought and received information on the preferred bidder and were informed that proof of funds had been provided.  Members were also informed of funds which had been set up in a separate charitable trust and were advised that the money was available to be distributed.

 

Options Considered

1.         Continue with the sale of the land to Greenstone Construction Ltd. But if no exchange of contracts on the sale has taken place by Christmas 2018, the site was to be remarketed.

2.         Re-market the site.

3.         Continue with the sale to Greenstone with no deadline for substantial progress.

 

RESOLVED that:

 

1.         The slow progress made with regards to the sale of the Hollies to Greenstone Construction Ltd be noted.

2.         Delegated authority be given to officers for the site to be remarketed in January 2019 in accordance with Charity Commission’s Guidance if an exchange of contracts on the sale has not taken place by Christmas 2018.

3.         Funding which had been received and held in a separate charitable trust could be distributed.