Purpose

Surrender of existing leasehold interest to the Council, acquisition of freehold interest in part of the site and grant of new long leasehold interest across the whole site.

Decision

Surrender of existing leasehold interest to the Council, acquisition of freehold interest in part of the site and grant of new long leasehold interest across the whole site.

To facilitate the development of a derelict fringe of city centre site through the Council acquiring a freehold interest, accepting the surrender of an existing long-leasehold interest, both acquired by a developer from an administrator following the previous proprietor entering administration, with the granting of a long-leasehold interest back to the developer of those sites together with an additional Council owned freehold interest. The site was subject to an Agreement for Lease prior to the developer entering into administration and has a planning consent for the comprehensive development across the 3 interests.

The only other option is to retain the freehold interest not subject to a leasehold and consider its disposal in isolation. The site is in an area of regeneration, was previously subject to an Agreement for Lease, is subject to an extant planning consent and generates no revenue for the Council. The comprehensive development of the site including the entire Council freehold and that owned by the developer will allow the consent to be delivered.