DD1115 Business East Site – Environmental and Technical Support

Type of decision: 
Director's decision
Code: 
DD1115
Date signed: 
28 March 2014
Decision by: 
Fiona Fletcher-Smith, Executive Director of Development, Enterprise and Environment

Executive summary

Up to £100,000 of environmental and technical (due diligence) advice is required on a former pharmaceutical site in East London in respect of the purchase of which the GLA is considering providing financial assistance. The advice will seek to validate and verify remediation work undertaken on the site, informing the potential purchaser’s views on the viability of any purchase and the GLA’s views on the security of any financial assistance respectively.

The advice will be procured and funded by the potential third party purchaser, with the costs reimbursed by the GLA, should the GLA decide that it will not proceed with the project and that third party does not proceed with the purchase as a result.

Accordingly the GLA has agreed, in principle, to enter into an agreement under which the potential purchaser will procure and fund the due diligence that it requires on the site; and the GLA will reimburse the costs incurred, up to a maximum of £100,000 in the event that the GLA withdraws from the project and the potential purchaser does not proceed with the purchase as a result.

Part 1: Non-confidential facts and advice