Agenda item

The Committee is asked to recommend to Council to:

1.    Approve the Heads of Terms for the Council to enter into an Agreement for 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 for 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.

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.

The Committee considered a report that sought approval to make a recommendation to Council in respect of the proposed Heads of Terms to enable the Council to enter into an Agreement of Lease with the proposed tenant for the Waterfront Site, Bridge Street, Staines-upon-Thames.

The Committee were advised that there were no proposals to sell the land and that the Council would retain the freehold and therefore would have control over any development on the site. Officers and councillors had been working with the proposed tenant and a revised demise envelope had been considered that would reduce the height of any development from 30 metres down to 25 metres. Any changes to the aforementioned 25 metres would have to be brought back to the Committee to gain approval. If they were to build above 25 metres without agreement, they would be in breach of agreement and the Council would not grant them a lease.

The Committee was keen that the local residents’ concerns were taken into account and were advised that a public consultation would take place.

Proposed by Councillor Bateson

Seconded by Councillor Williams

And resolved to enter into a closed session to discuss exempt information provided in the report.

The meeting went back into an open session once the exempt information had been discussed.

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.