The big question is ‘what is the chance of Pegasus winning an appeal?’
Probably not that great:
The application is for more than a hundred units when the Local Plan allocation is for fifty.
The application does not include any affordable.
The application is opposed by Sidmouth Town Council and a large and vociferous group of local residents.
Most importantly, the Planning Consultants at the time of the provisional sale to Pegasus foresaw that the application would be refused. So did the Planning Team, who miraculously changed their minds when the application came forward. Both EDDC and Pegasus were warned in advance that the Development Management Committee could not approve the application. Remember: this information came into the public domain as a result of the successful Freedom of Information request.
If the application goes to inquiry, as seems likely, then we, and EDDC, will have to wait for 24 months with little confidence that the appeal will be successful.
Then comes the situation of ‘what happens next?’ Well, we know the answer because Grant Thornton have helpfully predicted four scenarios, all of which will lead to receipts well below the price currently agreed with Pegasus.
The whole process would have to begin again, against a backdrop of a planning appeal refusal. New tender, new negotiation, new design, new application, and perhaps even another refusal.
Eventually an application will succeed, and a sale result, but we could easily be four years down the road, and at a substantially reduced price in possibly a very different property market.