Decision Maker: Officer Decision
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
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.
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.
Publication date: 25/06/2020
Date of decision: 16/04/2020