The Interim Regeneration and Economy Programme Director has submitted a report to  approve the sale of the freehold interest in St Paul’s House, Jericho to Lucy Group Ltd and leaseback of five  flats on long leases to enable the whole site to be redeveloped.

Recommendation:That the City Executive Board resolves to:

1. Approve the disposal of the freehold interest in St Paul’s House and leaseback of the 5 tenanted flats  on the terms set out in the not for publication Appendix 3; and

2. Delegate authority to the  Interim Regeneration and Economy Programme Director or his successor,  to vary those terms on condition that the revised terms continue to represent the best consideration reasonably obtainable.

The Interim Regeneration and Economy Programme Director had submitted a report to  approve the sale of the freehold interest in St Paul’s House, Jericho to Lucy Group Ltd and leaseback of five  flats on long leases to enable the whole site to be redeveloped.

 The Surveyor (Regeneration and Major Projects) said the report sought to unlock the difficulties associated with the joint ownership of the St Paul’s House and allow for its timely and  sympathetic redevelopment.

Key to the proposal was the protection which would be provided to existing Council tenants who  would be guaranteed a home  of equal  size, either in the new development or elsewhere as they wished. It was agreed that these guarantees should be made clear on the signage associated with the project.

The City Executive Board resolved to:

1. Approve the disposal of the freehold interest in St Paul’s House and leaseback of the 5 tenanted flats  on the terms set out in the not for publication Appendix 3; and

2. Delegate authority to the Interim Regeneration and Economy Programme Director or his successor,  to vary those terms on condition that the revised terms continue to represent the best consideration reasonably obtainable.