Decision details

The Director of City Development submitted a report seeking approval for the Council to purchase the head tenant’s leasehold interest in the St George House property, on the terms set out in the exempt appendix.  The report also sought approval to a formal Deed of Surrender of this Lease.

Acquisition of the head tenants leasehold interest would be financially beneficial and give the Council outright ownership, thus providing greater flexibility in respect of the future management of, and plans for, the building.

Following consideration of Appendix 1 of the report, designated as exempt under the provisions of Access to Information Procedure Rule 10.4(3), which was considered in private at the conclusion of the meeting, it was

RESOLVED -

a)  That the terms to the purchase of the head tenants leasehold interest be approved

b)  That approval be given to the completion of a formal “Deed of Surrender” of the existing leasehold interest on the terms outlined in the exempt appendix;

c)  That approval be given to the injection of the sum identified in the exempt appendix into the capital programme and give authority to spend the monies required

The resolutions referred to within this minute were exempted from the Call In process under the provisions of paragraph 5.1.3 of the Executive and Decision Making Procedure Rules due to the fact that any delay would prejudice this transaction which may not then proceed to completion