This report asks the Board to agree to a restructuring of the lease of parts of 15-19 George Street so that a hotel development can proceed. 

There are not for publication appendices to this report.

The Head of Housing and Property submitted a report (previously circulated, now appended) that sought approval for the restructuring of the lease of the part basement and upper floors and roof of 15-19 George Street in order to facilitate a hotel development.

Jane Winfield presented the report to the Board and provided some further detail of what was proposed.

Resolved to:-

(1)  Approve the acceptance of a surrender of the existing lease, together with the simultaneous grant of an Agreement for Lease, to be followed by a new lease of the part basement, upper floors and roof of 15-19 George Street for hotel development; on the terms and conditions attached in the “not for publication” appendix to the report, and otherwise on terms and conditions to be approved by the Service Manager of Regeneration and Major Projects;

(2)  Give authority to the Service Manager of Regeneration and Major Projects to vary the proposed terms as detailed herein, in line with any further negotiation with the tenant, provided the transaction continues to represent best consideration.