I am a business owner
Will you be buying business premises and compensating business occupiers/owners?
Yes we will acquire business / commercial premises that are within an identified area to be demolished and will contact the owner of the business at the appropriate time.
If we do need to acquire your premises we will help you to relocate and pay you the market value and trade disturbance in order to assist you to move.
We will also provide you with a Loss Payment, which is the business equivalent of a residential Home Loss Payment (7.5% of market value, subject to maximum of £75,000). If you are an owner-occupier there is an additional 2.5% of market value subject to a maximum of £25,000 i.e. £100,000 (£75,000 + £25,000).
Compulsory Purchase Order
What if I don't want to sell, will you use Compulsory Purchase Orders?
If your property lies within an area that has been identified for demolition then in the first instance we will seek to purchase your property in agreement with yourself by negotiating a price. If, however, you still do not wish to sell then the Council may exercise its Compulsory Purchase Powers in order to purchase the property at so we can assemble the sites to enable the regeneration of the area to take place.
We will only begin a Compulsory Purchase Order as a last resort. Every effort will be made to negotiate with all owners and occupiers and acquire properties by agreement first. Even if a CPO is made, we can still and will negotiate with you.
The market value of your property is unaffected by whether there is a CPO in place, our offer to buy businesses and commercial properties is the same as it would be under a CPO, which means that you will be eligible to receive the same compensation package. There is no financial advantage in waiting for a CPO.
What if I want to object to the CPO?
Should we make a CPO then you have the right to formally object. Ultimately, a Government appointed inspector will consider your objection at an Inquiry unless your objection is based solely on the purchase price for your business / commercial property.
If we intend to include your property within a CPO, we will always make every effort to consult and engage with you before this happens. There are a number of stages in the CPO process and you will be contacted in writing in advance of us making the CPO.
We make the CPO by seeking a resolution from our Executive Board and then submitting it to the Government for confirmation. At this stage we will serve a written notice on everyone who has an interest in the land or property to be acquired and notices will be placed in the press.
The notices will set out how to make an objection. If objections are received, the government minister may decide to hold a public local inquiry to hear all the relevant information and decide whether to approve the order.