To consent, as the freeholder and landlord, to a change of use and a lease extension for Sovereign Court on receipt of the best consideration reasonably obtainable.

DECISION

1.    To agree to the change of use under the terms of the lease from office (Use Class B1) to residential (Use Class C3) upon such terms as the Council is advised by its advisers to accept and subject to payment of a premium of £7.35m on the payment terms described in this report.

2.    To authorise the Corporate Director, Development & Renewal, after consultation with the Service Head – Legal Services, to agree the final terms and conditions of any agreement or deed including a deed of variation of lease to implement the above decision.

3.    To authorise the Service Head – Legal Services to execute all necessary documents to implement this decision.

Action by:

CORPORATE DIRECTOR, DEVELOPMENT AND RENEWAL (A. DALVI)

(Service Head, Corporate Property & Capital Delivery (A. Sutcliffe)