Decision

Decision taken in accordance with:

Part 7
Section 2; of the constitution:

2.2.5. To agree terms to let, lease or licence land or building or any interest in land or buildings which are or will be under the control of the council where the rent does not exceed £100,000 per annum (exclusive of rates) and the term of letting, leasing or licensing does not exceed 25 years subject to prior consultation with the Group Head with the responsibility for the current use and intended use of the property and the S151 Officer or in accordance with the council’s adopted Acquisitions and Disposal Policy.

Decision:

To authorise the legal department to execute the deed of surrender following the Court Judgement and subsequent restructuring of Parkers Building Supplies Limited.

It is essential ADC complete the deed of surrender so as to discharge the lease from land registry.

If the surrender is not completed it will continue to come up on any legal search undertaken and delay/stifle completion with a potential new tenant for the depot.

Reasons for the decision

This decision is in accordance with our disposal policy, as documented within ADC Asset Management Strategy.

Executing the surrender provides ADC with a clean title to market.

Alternative options considered

N/A