Decision details

The Council’s tenant Carraway Guildford (Nominee A) Ltd & Carraway Guildford (Nominee B) Ltd of the above property has requested that they be given licence to allow the assignment of The Friary Centre.

The application that we have received from our current tenant Carraway Guildford (Nominee A) Ltd & Carraway Guildford (Nominee B) Ltd is to assign the lease to
The Prudential Assurance Company Limited (PACL).

Carraway Nominees are offshore companies that are wholly owned by PACL in any event. All of these companies come under the umbrella of M&G. It has been explained to us that the intention of M&G is to extract the Asset from Carraway to bring it under the direct control of PACL this being UK registered.

The Council cannot unreasonably withhold or delay consent for such assignment.

If you have any queries, then please contact Charles Wood who will be happy to provide further information

In accordance with sound estate management practice.

The decision meets the statutory / policy requirements for the Council and there were no alternative options available.

Scheme of Delegation to Officers July 2024
Assistant Director – Assets and Property
Para. 3.8.5
In relation to premises leased or licensed to others:
e) to approve proposals for assignment, sub-letting or surrender of leases and for change of use;
In consultation with the Portfolio Holder and the Joint Service Director/ Relevant Assistant Director