Decision details

RESTRUCTURE OF TWO CITY CENTRE HEAD LEASES (E3)

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decisions:

Anthony Payne (Director for Place) submitted a report on a restructure of two City Centre head leases to enable new investment in commercial units at Old Town Street in the City Centre.

 

Councillor Lowry (Cabinet Member for Finance introduced the proposals.

 

David Draffan (Assistant Director for Economic Development) and David James (Head of Strategic Development Projects) also reported on the proposals.

 

Alternative options considered and reasons for the decision –

 

As set out in the report.

 

Agreed to – 

 

(1)

accept a surrender of the existing two head leases at –

 

(a)

 1-19 New George Street & 13-21 Old Town Street & rear car park; and

 

(b)

2-6 Royal Parade and 1-11 Old Town Street (Norwich Union House);  

(2)

grant a new 250 year lease of the combined area of (a) and (b) above to facilitate the proposed commercial investment, as detailed in the report; The lease to commence upon the completion of the proposed sub-lease as indicated.

 

 

Publication date: 09/08/2013

Date of decision: 06/08/2013

Decided at meeting: 06/08/2013 - Cabinet

Effective from: 17/08/2013

Accompanying Documents: