Decision Details

This report seeks authorisation to surrender an existing long lease for Land and Buildings at 50 Severn Street and grant a new longer lease in exchange for a premium paid to the Council.

The new lease will be granted to a derivative of the same tenant on the terms set out in Exempt Appendix 2b. Primarily the fundamental change will be an extension of its remaining length of approximately 60 years to a term of 250 years remaining.

To also seek authorisation to the appropriation, for planning purposes, of the land shown edged red on the attached plan (Appendix 1). The appropriation will apply to the Council’s freehold reversion, in order to avoid potential action by adjacent occupiers via a court injunction, which may stop/delay further development thereby impacting on further development of the site.

On the 10 July 2020, the Leader and the Cabinet Member Finance and Resources;

1. Approved the surrender and regrant of the lease for 50 Severn Street to Prosperity Severn House Limited, on the terms set out in Exempt Appendix 2b.

2. Approved the appropriation of the site shown edged red on the attached plan for planning purposes from its previous mixed use as local services, general purposes and economic development under S122 Local Government Act 1972, to planning purposes including commercial and residential uses under the Town & Country Planning Act 1990 subject to indemnities to be provided to the City Solicitor’s satisfaction as set out in 7.1.5 of this report.

3.  Authorised the City Solicitor to negotiate, execute and complete all necessary legal documents to give effect to the transaction.  

THE DEADLINE FOR CALL-IN IS 1600 HOURS ON WEDNESDAY 15^TH JULY  2020.