By virtue of paragraph(s) 3 of Part 1 of Schedule 12A of the Local Government Act 1972.
Information relating to the financial or business affairs of any particular person (including the authority holding that information)
Condition:
Information falling within paragraph 3 above is not exempt information by virtue of that paragraph if it is required to be registered under-(a)the Companies Acts (as defined in section 2 of the Companies Act 2006); (b)the Friendly Societies Act 1974; (c)the Friendly Societies Act 1992; (d)the Industrial and Provident Societies Acts 1965 to 1978; (e)the Building Societies Act 1986; or (f)the Charities Act 1993
Information is not exempt information if it relates to proposed development for which the local planning authority may grant itself planning permission pursuant to regulation 3 of the Town and Country Planning General Regulations 1992
Information which-(a)falls within any of paragraphs 1 to 7 above; and (b)is not prevented from being exempt by virtue of paragraph 8 or 9 above, is exempt information if and so long, as in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information
It s is a commercially sensitive disposal / acquisition for both parties (council as seller and the prospective commercial buyer -particularly in the event that the sale falls through).