Proposed long term letting of Phoenix House to a commercial entity
Decision Maker: Cabinet Member for Finance and Performance
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
1. To grant an agreement for lease and a 20 year fully repairing and insuring refurbishment lease to the serviced office operator on the basis of the Heads of Terms proposed (details are provided in the Part II report), subject to carrying out appropriate financial and other due diligence
2. To approve the capital funding requirement of an amount not more than £14m in respect of all costs associated with the refurbishment and to add a budget to the Capital Investment Programme to fund the expenditure, with full details provided in the Part II report.
3. To delegate approval of the outline specification and subsequent details to the Head of Valuation and Strategic Assets.
4. To delegate authority to the Head of Valuation and Strategic Assets for the procurement of professional services to advise the Council, as landlord, on refurbishment design specification, implementation and validation of certificates for payment with regular updates to the Cabinet Member with responsibility for Finance.
Publication date: 30/08/2019
Date of decision: 09/09/2019
Effective from: 17/09/2019