WHY HAS THE DEVELOPER NOT PURCHASED THE SITE FOR DEVELOPMENT?
Normally, developers purchase sites for redevelopment on the basis of the type and amount of development they believe can be achieved, less all costs (including build costs, the cost of any off site works, planning gain, interest and profit and land cost). For the Pavilion and Ferry Terminal site, the developer takes a long lease for £1 and is required to design the scheme, obtain all necessary consents, demolish and clear the site, replace/build new sea defences, new infrastructure, services and roads, construct all of the Civic buildings and facilities – at no cost to the council. That cost is the equivalent of a land purchase price and is currently estimated at a minimum of £20 million.
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