Issue details

Cabinet were asked to:

1.  Give the Property Director authority to dispose of the property via freehold transfer to the owners of Ramsgate FC at £265,000 with restriction on the use of the land, limiting it to uses as a football club and associated purposes only. Should the owners wish to sell or re-develop the land at a future date The Council will seek an overage provision of 50% on any uplift in value following a change of use. 

The Council  commissioned an independent valuation of the premises to assess what the current market value would be. The valuer provided a market value of £250,000.

We are aware that parcels of land like the subject property rarely come to the market,

and especially on an unconditional basis. The property is located in a residential area of Ramsgate and therefore we believe any prudent vendor would not sell the land “as is” at the above prices of say £250,000 without protecting their position for any possible uplift in value. It is our belief that a prudent vendor would include one or both of either:

·  An overage provision on any uplift in value following a change of use, or

·  A restriction on the use of the land limiting it to uses as a football club and

associated purposes only

Members agreed that if the property was sold immediately after sale for redevelopment this would not send a good message about how TDC valued the importance of The Football club being on it’s present site for 70 plus years and providing a service to the community, encouraging children to play sport.