The land at Otterpool lane was bought by SDC by sealed tender. It was sold to SDC because they were the only bidder who bid for ALL the land. All the other bidders wished to purchase only part of the land. Now as a seller, it makes sense to sell to a bidder who wish to purchase all the land, not just part or parcels of the land.
Below we have placed ALL the receipts regarding the purchase of the land on December 17th 2015. All information has come from SDC’s accounts (April 1st 2015 – 31st March 2016); which are open to inspection by the public until 12th August 2016
The payment for the land was made in two payments on the 17th Dec 2015
The first amount paid was Three million and twenty three thousand four hundred and seventy five pounds – £3,023,475.00
The second payment made on the 17th Dec 2015 was for One million nine hundred and seventy six thousand five hundred and twenty five pounds – £1,976,525.000.
SDC sought legal advice for the land from two Chambers in London regarding the land. They were New Square Chamber (Miss Ross Crail, Barrister) – a specialist in public rights of way and town and village greens. She charged SDC for her advice the sum of £2000 and with Vat and travel expenses included the total sum was £2,456.16
The second chambers was Landmark Chambers in London. Mr Timothy Morshead QC, who specialises in property litigation including not only in the traditional Chancery and common law spheres but also in the areas of public, environmental and planning law. He billed SDC for £3000. The advice he gave was on 17th and 19th Nov 2015 and gave instruction by email and advice in consultation by telephone. The total sum including Vat was £3,600.
Savills who acted in the purchase of the Otterpool Manor Framland was £62,500 and with Vat the full bill came to £75,000.
There was stamp duty of £200,000.
As we said this information was taken from SDC’s accounts by our public face, we apologise in advance for the information being jumbled, but the SDC officer who copied the information photocopied as such.
SDC are currently renting the land out to a tenant and expect to make an annual return of £241,000 per year. There should be no costs to SDC because the tenant’s lease requires them to do all repairs.