MD1290 Disposal of Land at 5 Limeharbour

Request for approval to dispose of the freehold interest in 5 Limeharbour in London Borough of Tower Hamlets (LBTH) The site is 0.4 hectares and contains a freestanding 5 storey office block of brick and steel construction, with a basement car park. The site is a non-strategic asset which transferred to GLA Land and Property Ltd (GLAP) in April 2012 under the Localism Act 2011.

Following a competitive open market tender exercise approval is sought to dispose of the site to Telford Homes Plc for an agreed sum. GLAP received an asset valuation at the end of 2012/13 that established the site value and an updated franking valuation that confirms that the price offered is acceptable. The sale will comprise an unconditional transfer of GLAP’s freehold interest and will be completed through the use of a contract and a standard form transfer document as agreed with the purchaser.