Purpose

Letting of a building and approval for procurement and delivery of refurbishment works.

Decision

The proposed transaction would convert a long-term vacant asset into an income-generating property, while protecting and enhancing its investment value through refurbishment works required to meet modern market, compliance, and environmental standards. Capital investment enabled a letting of a council-owned asset that supported the retention of long?term employment and delivered wider economic benefits while producing rental income for the Council. With activity retained within Buckinghamshire, the overall impact was positive.  The proposal represented good value for money for the Council, providing a proportionate and sustainable use of capital resources aligned with its strategic objectives.

RESOLVED

1)      That the Service Director for Corporate Property and Assets in consultation with the Cabinet Member for Resources be authorised to:

a.      approve a letting of the whole of 3 Globeside, Marlow, including the conclusion of Heads of Terms with a prospective tenant (draft terms in Confidential Appendix 2) or an alternative tenant on substantially similar terms, and the execution of an Agreement for Lease and subsequent long term lease in accordance with the agreed terms and provisional costings set out in Confidential Appendix 3.

b.      authorise the procurement and delivery of refurbishment works, including the appointment of construction consultants and entry into all necessary construction contracts to refurbish 3 Globeside in line with the approved specification as set out in Confidential Appendix 3, 5, 7 and 8.

2)      That the addition and release of a project budget to the capital programme for landlord’s capital investment costs for the refurbishment, funded from earmarked capital reserves, details of which are provided in Confidential Appendix 4, be approved.