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Search the Public Notice PortalAn Essex council has been accused of "radio silence" over controversial plans to sell off its share of a research park it bought for £45 million, and which has been called its "most important asset".
Uttlesford District Council is selling its half of the Chesterford Research Park, near Saffron Walden.
During a full council meeting on April 22, Geoffrey Sell, leader of the Lib Dems, raised his concerns about the sale of the park and information around it.
The park has several companies based in science or medicine, including AstraZeneca, Charles River, Domainex Ltd, Lonza, and Biocrucible Limited.
This development comes as the park is expanding, with Glencar Construction building the new 60,000-square-foot building, which could house 16 firms.
At the meeting Cllr Sell said: "My question is to Cllr Hargreaves, thank you for his report but there is one notable admission, there’s nothing on the sale of our most important asset Chesterford Research Park, it seems to be radio silence for 2025 and I realise we’ve got a meeting of the investment board but would he care to update members as to where we are with the sale please."
Neil Hargreaves, Residents for Uttlesford’s deputy leader and councillor for finance and the economy, responded: "Not at this point will there be an update at the investment board. I would say the turmoil created by the president of the US is not helping anything across the whole world.
"A lot of things are on hold while everyone considers what they are going to do next or what he might or might not do next. It’s not helpful."
The council says: "If a sale is ultimately agreed at an acceptable price, the council will, as required by law, spend the proceeds paying off short-term debt.
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"Such a sale would mean the remaining portfolio of six assets would be worth many millions more than the borrowing outstanding against them, as well as successfully reducing the council’s short-term borrowing, and with it, exposure to fluctuating interest rates.
"After this sale, the council would be in excess of £600,000 a year better off per annum for years to come, which would support the range of vital council services it provides."
Following the council meeting, a council spokesman added: "The uncertainties in the financial markets caused by the recent policy decisions of the US Government are having a direct impact on commercial activity in the UK, and that includes this sale process."
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