Decision details

 Approval is sought for the Inglis Consortium LLP to proceed with the transfer of phase 6, 6b, 7& 8 to a newly incorporated company/ies (yet to be incorporated) that will be set up under the umbrella of the Poly Group. The Council has a 13.9% holding in the Consortium, and will receive this proportion of the profits resulting from the sale of this.

The Inglis Consortium LLP and the developers will be entering into a Land Sale Agreement (the Agreement”) for the transfer (the “Transfer”) of Phase 6, 6b, as set out to the attached (“Property”) which is identified as edged red on the plan 1. Approval is now sought to transfer the Barnet owned land comprised within the Property to a newly incorporated company/ies (yet to be incorporated) that will be set up under the umbrella of the Poly Group pursuant to the terms of the LLP Co-operation Agreement.

The Estate, as defined in the Transfer of the Property being entered into in pursuance of the Agreement, is identified as edged red on Phase 9 transfer plan attached. The Council owns the Property shown edged red on Plan 1, Phase 6 & 6B and is also a party to the transfers to facilitate the granting of rights to the purchaser/transferee over that part of the Estate owned by the Council.

As part of the LLP Co-operation Agreement, those members of the Inglis Consortium LLP are obliged to grant rights over parts of the Estate, including the part owned by the Council.

Approval is also sought for the completion of the surrender by Eastern Power Networks plc (in the form of a land transfer back to the Council for £1.00) of the electricity sub-station within the Bittacy Hill Depot.