Sale of Rochester Row Police Station - update

Report: 17
Date: 21 February 2002
By: Commissioner

Summary

This report informs members of the current situation with regard to the process of sale for Rochester Row Police Station, as previously agreed by this Committee.

A. Recommendations

The Committee is asked to agree to proceed to contract for the sale of Rochester Row Police Station on the revised basis as noted in this report.

B. Supporting information

1. Tender results were reported to the Finance, Planning and Best Value Committee on 19 June 2001, but since then there has been a serious downturn in the market, primarily affecting office development. The sale of Rochester Row is in conjunction with neighbouring owners Petter Olsen SA.

2. Barrett Homes (BH) was the highest bidder, with a partner developer funding the office element of their development. That company has since withdrawn and BH is unable to proceed with their bid without finding a new partner.

3. Petter Olsen SA has offered to act as a partner in a joint venture with BH to enable the sale of MPA's premises to proceed, but under revised terms.

4. Comparison against the other original offers still demonstrates best value, with the revised offer providing the best price available. (Other tenderers have indicated that they would not be prepared to proceed (a) with the purchase at their original bid or (b) at all.)

C. Financial implications

The financial implications are contained in the linked exempt report.

D. Background papers

Report to Finance, Planning and Best Value Committee on 19 June 2001

E. Contact details

Report author: Trevor Lawrence, Director Property Services Department, MPS.

For information contact:

MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18

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