Issue - meetings

Background:

The report sought Cabinet approval to grant delegated authority to the Director of Place to either: vary or take a surrender of the existing lease and supplemental agreement in respect of Northbank House and to grant a new lease and any necessary supplemental agreements for the best consideration reasonably obtainable; or to grant a reversionary lease of the property and any necessary supplemental agreements, (which would commence when the existing lease expired) for the best consideration reasonably obtainable. Alternatively the Cabinet could choose to reject the proposal the Council’s Corporate Landlord Board (CLB) and the property could be sold subject to the existing lease and supplemental agreement.

An Exempt Appendix 1 to the report provided further information in respect of the variation of or surrender and renewal of the lease or grant of a reversionary lease of Northbank House.

Reasons:

To help the tenant of the property IPS International Ltd (IPS) to secure its future and to make the property more attractive to potential purchasers.