Decision details

The Cabinet Member agrees to:

• Approve the imposition of the proposed voluntary conditions on the proposed freehold interest transfer, noting the implications this will have on the unrestricted value of the asset.
• Approve the freehold interest transfer of the land at Bathampton Meadows (as a Community Asset Transfer) at less than best consideration for transfer during 2021. Printed on recycled paper

·  Delegate to the Head of Estates authority for the completion of the transfer of the asset to the National Trust for the consideration of one Peppercorn.

It is considered that the long term permanency of preservation provided by the National Trust coupled with the exceptional nature of the community and environmental benefits, achieved through this proposed disposal significantly outweigh the loss of the open market consideration and justify a freehold transfer of for the land.

These social and environmental values have been calculated by the National Trust at £104,708 per annum. They have applied a mix of natural capital valuation tools, which calculate the additional social and environmental value their ownership will provide. The Net Present Value over 30 years is estimated at £2,288,203. In addition to this the projected value of volunteer time has been calculated at £10,900 per annum. These figures have been independently assessed by environmental economic consultants Eftec who have verified the methodologies and figures.

This permanency of preservation along with the net present value calculations, which have been assessed and verified by Eftec, far exceed not only the restricted but also the unrestricted value of the asset, providing the justification for the transfer of the freehold interest.

B&NES continue to manage Bathampton Meadows. This will not deliver the additional environmental and social values that the National Trust have identified.