Friday, 10 October 2014

Cabinet to discuss proposal on Royal Sands development

Cabinet will consider outline details of a proposal that would potentially enable the Royal Sands development on Ramsgate seafront to move forward at a meeting next week (Thursday 16 October).
Thanet District Council has been in negotiations with Cardy Construction Ltd who have indicated that they are willing in principle to buy out existing development partner SFP Ventures UK Ltd.

The council served a breach notice on SFP earlier this year over non-completion of the works to build 107 residential units, a 60-bedroom hotel and commercial units on the former Pleasurama site.

This triggered a mediation process, during which the offer from Cardy was raised.

Cabinet member for estates Cllr Rick Everitt said: “Discussions with Cardy have been positive and this item is to share more detail with elected members and the public, as well as to move the matter forward, because we recognise the level of interest there is in the scheme.
“I must stress that because of the existing agreement, signed in 2006 and 2009, we are not currently able to market the site and that we are legally bound to take all reasonable steps to get the agreed scheme built out.
“However, progress is still subject to a successful conclusion to negotiations and a full due diligence process.”

The scheme would be built in accordance with the existing planning consent and the council would receive payments due under the current agreement in a more timely manner, as well as a guarantee that the site would revert to the council if works are not completed to the new schedule.
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