Hampshire County Council Executive Member, Policy & Resources 8 August 2003 Site D, 36 Brunel Way, Segensworth East - Lease Restructuring Report by the Director of Property, Business and Regulatory Services (Summary of CONFIDENTIAL decision) |
Contact: Ian Parker Ext: 7269
|
|
|
1 |
Summary |
|
|
1.1 |
The following decisions are sought: |
|
|
|
i) |
That approval be given to restructure the leasehold interest in Site D, 36 Brunel Way, Segensworth East on the basis set out in the report; and |
|
|
|
|
ii) |
that the Director of Property Business & Regulatory Services (Head of Estates Practice) be authorised to settle detailed terms and conditions. |
|
|
2 |
Reasons |
|
|
2.1 |
To actively enable the relocation of Selden Mast Ltd, an expanding local company, whilst ensuring that the County Council's investment income interest is compensated fully by way of a premium for the restructuring of the ground lease to an annual peppercorn rent, and an additional premium in lieu of the variation of a key clause in the headlease. |
|
|
3 |
Other options considered and rejected |
|
|
3.1 |
No alternative options were available other than this tripartite negotiated settlement. |
|
|
4 |
Conflicts of interest declared by the decision-maker or a member or officer consulted |
|
|
4.1 |
None |
|
|
5 |
Dispensation granted by the Standards Committee |
|
|
5.1 |
None |
|
|
6 |
Reasons for the matter being dealt with if urgent |
|
|
6.1 |
As a condition of the agreement in principle, the prospective future occupier seeks occupation in early September 2003 after legal completion. This date pre-dates that of the next scheduled Executive Member (Policy & Resources) Decision Day. |
Approved by: |
.......................... |
Date of decision: |
......................... |
|
Councillor T K Thornber |
|
|
