Issue - meetings

Report of the Cabinet Member for Economic Development seeking approval for the splitting of the Council owned unit at 271 Winchester Road to create two units, after which to grant two new leases.

Report of the Cabinet Member for Economic Development seeking approval for the splitting of the Council owned unit at 271 Winchester Road to create two units, after which to grant two new leases.

RESOLVED:

(i)  To retain the site without making a direct capital contribution, but via a discounted rental arrangement and in lieu of this payment, Aldi will receive a discounted rent over a 10-year period.

(ii)  Aldi will take a new 20-year Full Repairing and Insuring lease, subject to five yearly upward only rent reviews and Wickes will surrender the surplus accommodation and take a new Full Repairing and Insuring lease of the remainder for a term of 15 years.

(iii)  That, in the event of a disposal valued in excess of Cabinets financial authority to approve a disposal,  Council delegate approval to dispose of this property in the future to the Executive Director of Growth and Prosperity following consultation with the Executive Director for Enabling Services and the Director of Legal and Governance (if best consideration can be demonstrated for a disposal compared to retention of the property).

To consider the report of the Cabinet Member for Economic Development seeking approval for the splitting of the Council owned unit at 271 Winchester Road to create two units, after which to grant two new leases.

Decision made: (CAB 24/25 47361)

On consideration of the report of the Cabinet Member for Economic Development, Cabinet approved the following:

(i)  To approve the splitting of the unit at 271 Winchester Road into two units as outlined in the commercial and financial terms in Appendix 1.

(ii)  To delegate finalising the detail of the terms of the splitting of the Unit and the Lease to the Executive Director of Growth and Prosperity following consultation with the Executive Director for Enabling Services and the Director of Legal and Governance.

(iii)  To delegate approval for any other matters necessary to finalise this transaction in association with this proposal to the Executive Director of Growth and Prosperity following consultation with the Executive Director for Enabling Services and the Director of Legal and Governance.

(iv)  Subject to any proposal falling within Cabinets financial authority, to  delegate approval to dispose of this property in the future to the Executive Director of Growth and Prosperity following consultation with the Executive Director for Enabling Services and the Director of Legal and Governance (if best consideration can be demonstrated for a disposal compared to retention of the property).