Decision details

Committee resolved to recommend to Council that it:

1.    Approve the Heads of Terms for the Council to enter into an Agreement of Lease with the proposed tenant for the Waterfront Site, Bridge Street, Staines-upon-Thames to facilitate the delivery of a new hotel led regeneration on this prime riverside site,

2.    Delegate authority to the Chief Finance Officer in consultation with the Leader to agree any minor variations to the Heads of Terms and the final terms of the Agreement for Lease subject to valuation advice received,

3.    Delegate authority to the Group Head of Corporate Governance, in consultation with the Leader, to finalise and enter into the Agreement of Lease and any other associated documentation in connection with the grant of the Lease to the proposed tenant; and

4.    Note the Local Government Act S.123 ‘Best Value’ valuation undertaken by Cushman and Wakefield in respect of the proposed terms of this transaction.