Decision

RESOLVED that:

A     Authority is given for the council to enter  into an Agreement to Lease covering Adams House ground floor (the “Property”) on the headline terms set out in confidential Appendix A to this report.

B     Delegation is given to the Director of Facilities & Assets in consultation with the Executive Director, Communities and Regeneration to: -  

i)      Agree minor variations to the headline terms set out in Appendix A;

ii)     Settle detailed terms including ensuring there is an appropriate budget; and

iii)    Procure the legal completion of the Agreement to Lease.

Reasons for the decision

The proposal is consistent with the Building Harlow’s Future Mission to ‘Secure our future’ by supporting the regeneration of Market Square and supporting the transformation of the northern end of the town centre into a vibrant destination for residents and visitors to enjoy leisure, hospitality, and nightlife.

To generate an ongoing rental income stream to support the council’s Medium Term Financial Plan and to comply with the council’s statutory and common law fiduciary duty to get the best value from its property assets.

To mitigate the council’s exposure to void property holding costs and to secure the ongoing use and occupation of the Property, thereby avoiding the risk of it becoming a blight on the area.

Alternative options considered

The council could leave the Property vacant. This is not recommended, as it would forgo rental income and the regeneration benefits associated with introducing a new food hall to the town centre.

The council could seek to pursue alternative uses for the Property, however that wouldn’t necessarily align with the commitments laid out in the Building Harlow’s Future plan.