FoI correspondence on Overage. Earliest first.
29.6.16. Standard FOI request via the WhatDoTheyKnow site for details of "Overage" agreements in last 12 years
27.7.16 Reply from Barnet Council
Our ref: 2869896
Thank you for your request received on 29 June 2016, for the following information:
Please provide me with details of and the current status for all cases in the last 12 years where the Council has sold land to a private developer and included an Overage agreement under which the Council would share in any profit made by the developer.
We have processed this request under the Freedom of Information Act 2000.
Response
The following cases since 2004 have been where the council has sold land to a private developer and included an Overage agreement under which the Council would share in any profit made by the developer.
1. Hendon Football Club. This had 3 overages. The first was on the grant of planning permission which has been paid. The second and third are on completion and disposal of the affordable Housing and will be due when the affordable Housing has been sold.
2. West Hendon Regeneration Scheme. There is an overage agreement in the Planning Development Agreement for the regeneration of West Hendon.
Overage will be calculated at agreed trigger points throughout the scheme where profits over the minimum as set out in the PDA will be split between the developer and the council. There is a defined formula that sits within the development agreement that will determine how overage is calculated. Overage is directly linked to sales receipts and will be paid upon completion of each phase. None of the trigger points have been reached yet and so no
sums have been calculated or become due. No overage is expected until the later phases due to the initial upfront capital investment required.
3. Brent Cross. This is the regeneration of the shopping centre and surrounding land. The council will be entitled to overage on the residential development plots undertaken by Argent related to the overall performance of the residential development in a Phase. The council will be entitled to a share of the overage that the joint venture negotiates with the third party developers.
No triggers have yet been reached so no payments are yet due.
4. Stonegrove and Spur Road. There are overage provisions as part of the Homes and Communities Agency funding deal for overage payments to the council once Barratt Homes have received their reasonable return from the scheme.
5. Dollis Valley Estate Regeneration. There is an overage agreement in place which will allow the council to benefit from profit sharing between the council and the development partner according to a specified formula. At the end of each phase of the project there will be a financial review to determine if overage is payable. The first trigger point is likely to be reached in Autumn
2016 when Phase 1 is completed, to date no trigger points have been reached and no payments have yet become due.
Further information
If you are interested in the data that the council holds, we recommend that you take a look at Open Barnet, the council’s data portal. This is an important tool in pushing forward Barnet’s Transparency Agenda, bringing together all our published datasets and other information of interest on one searchable database for anyone, anywhere to access: http://open.barnet.gov.uk/
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