Purpose

Terms for the proposed capital reinvestment
into income generating commercial properties within the Milsom
Quarter Masterplan area with the purpose of approving capital
programme budget from provisional approval to full budget
approval.

Decision

(1) 
To approve capital spending of £10m into properties within
the Milsom Quarter Masterplan area.
 
(2) 
To allocate £502K Revenue Budget Contingency (within
Corporate Budgets cash limit) to Commercial Estate of £13K
2024/25, further £358K in 2025/26 and £131K in
2026/27.
 
(3) 
To delegate all lease decisions to the Head of Commercial Estate in
consultation with the Executive Director - Resources (S151),
Monitoring Officer and Cabinet Member for Resources.