Decision details

Lease of 8 Grosvenor Road - The Gateway

Decision Maker: Cabinet

Decision status: Decision Made

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Terms have been agreed for a 10 year lease of the former TWBC premises known as The Gateway.  A report is to be submitted to Cabinet for approval of the lease terms owing to the overall value of the transaction.

Decision:

RESOLVED –

 

1. That the grant of the lease referred to in the report and Appendices be approved.

 

2. That the Head of Economic Development and Property, in consultation with the Director of Finance, Policy and Development and the Cabinet Member for Finance and Performance be delegated authority to negotiate and agree the terms of the lease as set out in exempt Appendix B be approved.

 

3. That the Head of Legal Services be delegated authority to complete all legal formalities as are necessary and incidental to the recommendations in this report and to negotiate, execute and complete all necessary agreements, deeds and documents arising from or ancillary or incidental to the decisions be approved.

 

REASON FOR DECISION: Granting the lease on the property to a company of sound covenant strength at a market rent provides the Council with a readily marketable asset. 

 

Report author: Peter Benfield

Publication date: 08/02/2024

Date of decision: 08/02/2024

Decided at meeting: 08/02/2024 - Cabinet

Effective from: 17/02/2024

Accompanying Documents: