Issue - meetings

Decision:

1.     Approved the surrender of the current lease over The Bridge, and the subleases over Napoleon’s Passage and the airspace above, between the Council and M. F. Strawson, and simultaneously grant one new lease over The Bridge, Napoleon’s Passage, and the airspace above, for a term of 125 years with a new user provision being Student Accommodation.

2.     Approved the surrender of both leases over Napoleon’s Passage and the airspace above, between the Council and the National Trust, and simultaneously enter into two new leases for a term of 125 years.

Reason(s):

To provide the Council with a capital receipt of £214,000. All capital receipts generated from General Fund assets will contribute towards the Council’s Financial Recovery Plan to reduce Council debt and achieve a sustainable financial position.

Other options considered and rejected by the Committee:

None.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.

The Council owned the freehold of The Bridge, Bridge Street which was let out on a long lease at a peppercorn rent and had historically been used as hostel accommodation. The leaseholder was seeking an extension of the current lease from 88 years to 125 years, and in addition, to a change of use from Hostel Accommodation to Student Accommodation. Both matters could be dealt with simultaneously under one transaction and would generate a capital receipt for the Council.

The Executive,

RESOLVED:

1.     Approved the surrender of the current lease over The Bridge, and the subleases over Napoleon’s Passage and the airspace above, between the Council and M. F. Strawson, and simultaneously grant one new lease over The Bridge, Napoleon’s Passage, and the airspace above, for a term of 125 years with a new user provision being Student Accommodation.

2.     Approved the surrender of both leases over Napoleon’s Passage and the airspace above, between the Council and the National Trust, and simultaneously enter into two new leases for a term of 125 years.

Reason(s):

To provide the Council with a capital receipt of £214,000. All capital receipts generated from General Fund assets will contribute towards the Council’s Financial Recovery Plan to reduce Council debt and achieve a sustainable financial position.