Land and buildings between Corporation St, Upper Well St, Lamb Street, Chapel Street and Bishop Street, Coventry, CV1 4AD - Lease re-gear
Report of the Deputy Chief Executive (Place)
(Listing officer: Adam Hunt Tel: 024 7683 1812)
Additional documents:
Minutes:
Further to Minute 99 above, the Cabinet considered a private report of the Deputy Chief Executive (Place), that would also be considered at the meeting of the Council on 15 January 2019, setting out the commercially confidential matters relating to the delivery of a new ‘boutique’ hotel for the City through the redevelopment of the vacant former Coventry Evening Telegraph buildings on Corporation Street, and the disposal of adjacent sites at Chapel Street, Lamb Street and Bishop Street, to deliver student accommodation.
RESOLVED that the Cabinet:
1) Authorises the grant of new 250 year leases (subject to existing leases) to Far Gosford Developments Limited or to a nominated student accommodation provider for each of the 3 sites shown edged in blue, green and pink on the Site Plan at Appendix 2 to the report, for the development of a boutique hotel and student accommodation as a single scheme.
2) Approves the draft Heads of Terms for the grant of the leases as attached at Appendix 1 to the report.
3) Delegates authority to the Deputy Chief Executive (Place) following consultation with the Director of Finance and Corporate Services to undertake the necessary due diligence and to complete the necessary legal documentation required to enter into the new lease arrangements.
4) Delegates authority to the Deputy Chief Executive (Place), following consultation with the Cabinet Member for Jobs and Regeneration and the Cabinet Member for Strategic Finance and Resources, for any subsequent variation to the Heads of Terms.
5) Recommends that the Council accept from Far Gosford Developments Limited the amount which represents the Open Market Value of Site 2 and 3 as Performance Security Deposits for the delivery of the hotel, such Performance Security Deposits to be released on satisfaction of the triggers as set out in the Heads of Terms.