Issue - meetings

CLARENDON HOUSE, ALTRINCHAM

Meeting: 25/06/2018 - Executive (Item 5)

5 CLARENDON HOUSE, 24 STAMFORD NEW ROAD, ALTRINCHAM pdf icon PDF 185 KB

To consider a report of the Executive Member for Investment, Regeneration and Strategic Planning.

 

NOTE: A related report is to be considered in Part II of this agenda.

Decision:

1. That the Surrender of the existing leases between the Council and Lunar in so far as they relate to Clarendon House be authorised.

 

2. That the Corporate Director Economic Growth, Environment and Infrastructure (EGEI) be authorised to finalise the terms for and to:

 

a:   grant a new 250 year headlease of Clarendon House from the Council       

      to Lunar;

b:  accept a new lease from Lunar of the ground floor retail units (not forming part of the proposed residential redevelopment) and the existing first floor library premises;

c:  grant a new lease of the ground floor retail units (not forming part of the proposed residential redevelopment) and the existing first floor library premises; and

d:   accept a new lease of the existing first floor library premises.

 

3. That the Director of Legal and Democratic Services be authorised to agree the Heads of Terms negotiated with Lunar to allow a share of the Capital Receipt received by Lunar to pass to the Council on disposal of the residential scheme to a developer.

 

4. That the Director of Legal and Democratic Services be authorised to complete all necessary legal documentation accordingly.

 

Minutes:

The Executive Member for Investment, Regeneration and Strategic Planning submitted a report which set out a proposal for the Council to receive a share in a capital receipt following the disposal of the development of Clarendon House by Lunar Altrincham S.A.R.L (‘Lunar’) in exchange for the Council re-gearing Lunar’s existing leasehold interest. The Council would retain the ultimate freehold interest which would generate a rental income and the first floor library (via a new lease from Lunar), obtain a significant capital receipt whilst also benefitting from the creation of new town centre residential accommodation and the associated future Council Tax revenues. Further financial details relating to the proposal were set out in a report considered in part II of the agenda. (Minute 14 below refers.)

 

            RESOLVED -

 

(1)       That the Surrender of the existing leases between the Council and Lunar in so far as they relate to Clarendon House be authorised.

 

(2)       That the Corporate Director Economic Growth, Environment and Infrastructure (EGEI) be authorised to finalise the terms for and to:

 

a:   grant a new 250 year headlease of Clarendon House from the Council       

      to Lunar;

b:  accept a new lease from Lunar of the ground floor retail units (not forming part of the proposed residential redevelopment) and the existing first floor library premises;

c:  grant a new lease of the ground floor retail units (not forming part of the proposed residential redevelopment) and the existing first floor library premises; and

d:   accept a new lease of the existing first floor library premises.

(3)       That the Director of Legal and Democratic Services be authorised to agree the Heads of Terms negotiated with Lunar to allow a share of the Capital Receipt received by Lunar to pass to the Council on disposal of the residential scheme to a developer.

 

(4)       That the Director of Legal and Democratic Services be authorised to complete all necessary legal documentation accordingly.