Flat 12, Block F, Quennevais Park: Transfer to Flying Freehold

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A decision made 17 November 2014:

Decision Reference: MD-PH-2014-0200
Decision Summary Title :	Apartment N° 12, Block F les Quennevais Park – Transfer of the Public’s Flying-Freehold Ownership and Cancellation of Existing 99 Year Lease		Date of Decision Summary:	17 November 2014
Decision Summary Author:	Principal Property Manager		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	N/A		Person Giving Oral Report:	N/A
Written Report Title :	N/A		Date of Written Report:	N/A
Written Report Author:	N/A		Written Report : Public or Exempt?	N/A
Subject: Apartment N° 12, Block F les Quennevais Park – Transfer of the Public’s Flying-Freehold Ownership and Cancellation of Existing 99 Year Lease PBA 2068-01-012
Decision(s): With reference to the previous decision MD-PH-2014-0190 plus associated documentation and the expiry of 15 working days’ notice to the States of that decision, the Minister approved, as recommended by Jersey Property Holdings: The assignment of the remaining portion of the present leaseholder’s 99-year lease of F12 Quennevais Park to the Purchaser, subject to payment of the Public’s reasonable costs in participating in the contract. Immediately thereafter, the cancellation of the 99-year lease with the Purchaser. Immediately thereafter, the transfer to the Purchaser of the Public’s flying-freehold interest in the apartment, for an agreed consideration, plus reasonable costs incurred in connection with the contract, in accordance with the approved policy (under MD-PH-2012-0124), and the independent valuation arranged by JPH.
Reason for Decision: The transaction was notified to the States in a report dated 10 October 2014 and at the end of the 15 day period required no comments on the transaction had been received. The Minister therefore decided to conclude the transaction.
Resource Implications: The financial implications of this decision are detailed in the report accompanying MD-PH-2014-0190. There are no manpower implications in respect of this decision. When the transaction is concluded the States asset balance sheet will be amended to account for the transaction.
Action required: Under Standing Order 168 (5) the Minister hereby authorised the Attorney General and the Greffier to pass any contract which is required to be passed on behalf of the Public and to copy this decision to the Assistant Minister, Treasurer and Head of Decision Support.
Signature:		Position: Deputy E J Noel * Assistant Minister for Treasury & Resources
Date Signed:		Date of Decision: