In summary, the Council ran what could be considered a “model” process for a development agreement which the Council intended to be outside of the PCRs. It concerned the regeneration of land at the London Road Industrial Estate (LRIE), about 0.25 miles east of Newbury, of which the Council was the majority freehold owner, other than a small plot to the north west.
By all accounts, it is a difficult site which will require a phased yet coherent approach to development and for which there was no easy way to establish “market price” without some type of market testing. There are 26 plots including vacated Council offices and a series of long leases to businesses, not due to expire until 2044 to 2110. Investment has not been made in the estate for over 40 years.