Issue - decisions

HEAD LEASE RESTRUCTURE IN THE CITY CENTRE (E3)

 

 

09/08/2013 - RESTRUCTURE OF TWO CITY CENTRE HEAD LEASES (E3)

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.