Following previous press statements on behalf of the council and OML, both parties wish to update the residents of Torbay.

Whilst the parties have not been able to reach agreement on the specifics of the dispute, they are agreed that it is time to put differences aside for the benefit of the Mansion. The parties have therefore agreed to end the current court proceedings and terminate the development agreement.

Although it has been agreed not to discuss the termination arrangements in any further detail, both parties wish to confirm that the development agreement premium, in addition to the deposit, was paid in full to the council by OML to be used for the benefit of the Mansion, that no compensation was paid by either party, and that the survey and environmental information procured by OML using the capital receipt from the sale of Fernham is being provided to the council for future use. The council confirms that the proceeds from the sale of Fernham have been used for purposes connected with the proposed development of the Mansion. There will be no other comment from the parties in respect of the settlement agreement.

The council will now work hard to develop an alternative solution which ensures the long term protection of the Oldway Estate and Mansion, and will shortly engage with the local community and relevant partners in this.