We have received this update today from Cllr Ken Hawkins:
“I have been in regular contact with the Council’s Strategic Land officers regarding the talks with the Liquidators for the failed Parkridge company. Many will know that having failed during the economic crash, Parkridge went into administration and BNP Parabas undertook the role of Administrator.
“Talks had been on-going for a while now, but have been very detailed and obviously confidential. I did send out a leaflet or two earlier in the year about these talks but can now confirm that a legal agreement has now been drafted and its form agreed between the Council and Liquidators. In broad terms, the agreement has two parts:
1) It enables a transfer to take place between the Liquidator and its development arm of the Company giving this party the ability to develop out the remaining land directly or sell it to another developer.
2) Enables the Council to carry out the outstanding works to the highway which are the responsibility of the Liquidator on the basis that the costs incurred are reimbursed by the Liquidator. The works will be completed to a standard which enables the Council to immediately adopt the highway areas.
“The legal agreement is yet to be exchanged and the timescale is uncertain; it should though take weeks rather than months. In the meantime, the Council will continue to liaise with its contractor with a view to ensuring an early start on the highway works following exchange of the legal agreement.”