Decision details

Decision made to enter into a Deed of Surrender at the above property. The Council owns the freehold of this property and had granted a long lease expiring in 2036. The assignment/surrender premium paid was £200,000.

Reason:

The Decision was taken for the following reasons:

·         Opportunity to strategically manage the Council’s estate. The Council owns the freehold of the land and the building. The availability of the lease was openly marketed by the long leaseholders.

·         Short to medium term aspiration for redevelopment of site to support regeneration for potential housing scheme in accordance with Draft Local Plan allocation.

·         An independent valuation was obtained confirming the assignment/surrender premium was Market Value.

There were no alternative sites to consider.

There are no Crime & Disorder, Equality, Social Value in Contracts, HR, Legal, or ICT implications.