Issue - meetings
Disposal of residential property at 34 Mount Terrace, E1 2BB
Meeting: 27/02/2019 - Cabinet (Item 6)
Additional documents:
- 6.6 Disposal of 34 Mount Terrace and 17-19 Brick Lane - Numbering Amended, item 6
PDF 298 KB
- 6.6a Appendix 1 - 34 Mount Terrace site plan, item 6
PDF 349 KB
- 6.6b Appendix 2 - Val Rep - 34 Mount Terrace, E1 2BB EXEMPT , View reasons restricted (6/4)
- Webcast for Disposal of 34 Mount Terrace, London, E1 2BB and Lease renewal of 17-19 Brick Lane, London, E1 6PU
Decision:
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)
Minutes:
The Mayor considered a two-part report on the proposed disposal of 34 Mount Terrace and a lease renewal at 17-19 Brick Lane.
Responding to questions, officers stated that a number of options had been explored for the property on Mount Terrace but disposal of the property offered the best value to the Council. The receipts would then be invested elsewhere.
The Mayor noted the exempt appendix setting out financial information about the Mount Terrace property. He then agreed the recommendations as set out.
RESOLVED
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.