To agree that 34 Mount Terrace is surplus to requirements and to dispose of the property on the open market. In addition, agree a lease renewal of a shop tenancy (17 – 19 Brick Lane) where the total lease term rent value exceeds delegated authority.

The Exempt Appendix was noted.

DECISION

            17-19 Brick Lane

1.    To approve the completion of the statutory lease renewal of 17-19 Brick Lane to the current Tenant for a term of 15 years at an initial rental of £37,000 per annum.

2.    To delegate to the Acting Corporate Director, Place in consultation with the Corporate Director, Governance, the authority to agree the heads of terms and thereafter, to prepare, complete and execute the required legal documentation for the new 15 year lease in order to give effect to the decision.

34 Mount Terrace

3.    To agree that the property (as shown on the plan in Appendix A) is surplus to requirements.

4.    To agree to the disposal of the site on a 199 year lease.

5.    To authorise the Acting Divisional Director, Property and Major Programmes, to appoint external agents or auctioneers to support the marketing of the site.

6.    To authorise the Acting Corporate Director, Place following consultation with the Corporate Director, Governance, to agree the terms and conditions of any agreements required to implement the recommendations above.

Action by:

ACTING CORPORATE DIRECTOR, PLACE (A. SUTCLIFFE)

(Acting Head of Asset Management (A. McCarthy)