# The Local Authorities (Capital Finance) Regulations 1997, Regulation 88: Disposal of industrial estates

Extent: E+W
Status: prospective

(1) For the purposes of regulation 86, a disposal of an interest in land shall be a relevant disposal if the disposal meets the condition specified in regulation 84, and—
(a) there is situated on the land a building which has been built or adapted for use as separate units for industrial purposes;
(b) immediately before the disposal, each unit is in use for industrial purposes by a person who makes payments to the authority in respect of a leasehold or lesser interest acquired by him in the unit, or is available for such use by any person who acquires such an interest from the authority; and
(c) immediately before the disposal, the authority determine that the floor area of the relevant occupied units is not less than 65 per cent. of the total floor area of all units disposed of.
(2) For the purposes of paragraph (1)—
(a) industrial purposes include the purpose of storing goods or equipment; and
(b) in relation to a building which has been built or adapted for use as separate units for industrial purposes—
(i) the floor area of any unit shall be the gross internal area of the unit determined by the authority in accordance with the fourth edition of the Code of Measuring Practice published in October 1993 by Surveyors Holdings Limited under ISBN 0 85406 610 1; and
(ii) “relevant occupied unit” means a unit which is in use for industrial purposes by virtue of a leasehold interest which was not granted in consideration of the payment of a premium.

---
Source: https://www.legislation.gov.uk/uksi/1997/319/regulation/88 (the official version)
Page: https://openlegislation.uk/local-authorities-capital-finance-regulations-1997/regulation-88
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.