Purchase of Abbots Depot site
The council agreed to purchase the Abbots Depot site for £13.5 million, which was based on market value and a detailed business case.
Land Registry data showing details of the transfer of the freehold of the site in June 2014 for £750k does not reflect the open market value of the Abbots Depot site and was not relevant to the council decision making process .
No additional premium has been paid to secure vacant possession of the Abbots Depot site. During pre-contract due diligence it came to light that Winters (who currently have a site adjacent to Abbots Depot) were informally occupying part of the Abbots Depot site for storing skips. This arrangement will be terminated before completion of the purchase.
In addition, in response to residents’ concerns relating to HGV movements along Oakleigh Road South, the council has now purchased the lease for the adjacent Winters site, which will result in an overall reduction of HGV movements.
The council is committed to being transparent and is confident full and accurate information has been provided throughout the decision making process.