Cabinet, on 10 August 2022, resolved to:

1)        Approve the outline terms negotiated in relation to the re-gear of the head lease at 59 – 69 George Street as set out in the report; and

2)        Delegate authority to the Executive Director (Development) in consultation with the Head of Financial Services / S151 Officer, the Head of Law and Governance and the Deputy Leader (Statutory) – Finance and Asset Management to approve the final form of documents and enter into the transaction.

To approve the final form of documents and enter into a transaction for a long lease re-gear/extension at 59-69 George Street, Oxford as set out in the Cabinet report and appendices dated 10 August 2022.

The decision allows the re-gear/extension of an existing lease, which will generate a capital receipt for the Council.  Further information is contained in the Cabinet report.

The option not to enter into the transaction was rejected, as this would not allow the Council to benefit from the capital receipt.  It would also not be in line with the Cabinet decision of 10 August 2022.

Decision taken by Tom Bridgman, Executive Director (Development) in consultation with Nigel Kennedy, Head of Financial Services / Section 151 Officer; Susan Sale, Head of Law and Governance; and Councillor Ed Turner, Deputy Leader (Statutory) – Finance and Asset Management.