Decision details

*Lease Restructure - 54 Above Bar Southampton

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To consider a report of the Cabinet Member for Resources seeking agreement for the restructure of the lease of 54 Above Bar for a term expiring in 2125 in return for a capital receipt

 

NOTE: Elements of this report may be considered exempt from public distribution.

 

Decision:

To agree to the restructure of the lease of 54 Above Bar for a term expiring in 2125 in return for a capital receipt as detailed in the confidential appendix.

Reasons for the decision:

The transaction would result in a substantial capital receipt to the General Fund with little loss of rental income.

Alternative options considered:

Not to restructure the lease however the rental income to the Council would remain at a nominal level for the next 36 years

Report author: Sharon Bishop

Publication date: 18/06/2013

Date of decision: 18/06/2013

Decided at meeting: 18/06/2013 - Cabinet

Effective from: 27/06/2013

Accompanying Documents: