MD1251 Disposal, in part, of Beam Reach 8.C.

Type of decision: 
Mayoral decision
Code: 
MD1251
Date signed: 
05 March 2014
Decision by: 
Boris Johnson MP (past staff), Mayor of London

Executive summary

This Mayoral Decision is for the disposal, in part, of Beam Reach 8, located in Rainham, LB Havering, to H. Smith Food Group plc. (H Smith), a food distribution company.

H Smith has offered a headline figure of £650,000 per acre, exclusive of VAT, for the freehold of 1.36 acres of the site. This sale is also subject to deductions for abnormal construction costs, as set out in the part 2 confidential paper. Further costs for road construction repayment to Easter Developments, and disposal costs, that will provide a net receipt, are also defined within the part 2 paper.

The Mayor is also asked to endorse the apportioned repayment for the previous road construction as undertaken by the estate developer (Easter Developments).

Part 1: Non-confidential facts and advice