Purpose

Seeking consent to the proposed terms of a new Lease of the vacant premises. 

Decision

RESOLVED – 

1. That the grant of the lease referred to in this report and in the Appendices be approved.
2. That the Head of Economic Development and Property in consultation with the Director of Finance, Policy and Development and the Cabinet Member for Finance and Property be delegated authority to negotiate and agree the terms of the lease in Exempt Appendix A  .
3. That the Head of Legal Services be delegated authority to complete all legal formalities as are necessary and incidental to the recommendations in this Report and to negotiate, execute and complete all necessary agreements and deeds arising from or ancillary or incidental to the decisions.

REASON FOR DECISION: 

The Council-owned retail unit at 65–67 St John’s Road has been vacant since May and marketed for a new 10-year lease. Three parties expressed interest, and the strongest proposal is recommended for approval