Petersfield Town Council to reap almost £6.5m selling field to developer
PETERSFIELD Town Council is set to harvest almost £6.5m from the sale of a field to developers.
The council had a deal with developers Kebbell Homes, who built the Herne Farm estate in Petersfield, that gave the company first refusal on the field if it ever got planning permission.
At their meeting on January 19, councillors heard that since permission was approved earlier in January, the field had been sold to the developers for £6,471,590.
At the meeting in the Festival Hall council chamber, it was agreed that 90 per cent would be invested to generate income; buying properties and renting them out is just one idea, and could include both homes and business lets.
Councillors also said the remaining £650,000 should be spent on projects they have yet to identify.
Petersfield mayor James Deane said council was considering replacing play equipment in play areas across then town, looking at developing a sports hub on land between Penns A and the Taro Liesure Centre.
But he was keen to stress that the money hasn’t yet been allocated to any project, and that no decision on how to spend it had been made.
The council will also earn yet more money through developers contributions, a fee based on the floor space of a house that builders have to pay.
The money goes to East Hampshire District Council who allocates it to local projects, often suggested and managed by local councils like Petersfield.