Decision Details

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This section allows you to view the general details of a Decision

Details

Status:
Implemented
Title:
Lease surrender and grant of three new leases ‘SBQ’, The Ringway Centre, 1-4 Smallbrook Queensway
Include item on Forward Plan
Yes
Is Key Decision
No
Item Contains Exempt/Private Reports
No
Reference:
013235/2024
Urgent Decision - Not in Forward Plan
No
Details for Agenda Sheet
Report of Strategic Director, Place Prosperity & Sustainability
Implementation Date (not before meeting on)
Thu 12 Sep 2024
Purpose
Approve the terms to new leases and financial premiums
Key Portfolio
Deputy Leader and Economy & Skills
Decision Maker
Not Applicable
Chief Officer Decision Maker
------ N/A ------
Reason For Key Decision
The transaction represents a collection of capital receipts in excess of £1.0m and revenue increases.
Relevant Documents
Planning Approval March 2023
Decision Type:
Committee
Decision Maker:
Cabinet Committee – Property
Directorate
Place Prosperity & Sustainability
Other Information
Private Reason
3. Information relating to the financial or business affairs of any particular person (Including the Council)
Decision Outcome

On 12 September 2024, Cabinet Committee – Property:-

(i) Authorised the Assistant Director of Investment and Valuation to; accept the surrender of the two current leases from the developer as the current tenant of the Council owned land at 1,2,3 and 4 Smallbrook Queensway and 19-97 Smallbrook Queensway, formally known as The Ringway Centre as shown edged bold black on the attached Site Plan at Appendix 1 to the report;

 

(ii) Authorised the Assistant Director of Investment and Valuation to conclude the conditional lease of the Council’s interests in providing three new leases in a combination of premiums and new receivable rents;

 

(iii) Noted that the purchaser will pay a contribution towards the Council’s surveyor and legal costs, as detailed in Exempt Appendix 2 to the report;

 

(iv) Authorised the City Solicitor to prepare, negotiate, execute, and complete all relevant legal documentation to give effect to the above.

THE DEADLINE FOR CALL IN IS 1600 HOURS ON WEDNESDAY 18 SEPTEMBER 2024.

Would the recommended decision be contrary to the budget and policy framework:
No
Decision Options:

Additional Information

Reg 10
Reg 11

Decision Criteria

This Decision does not contain any decision criteria records.

Wards

Ladywood

Topics

This Decision does not contain any Topic records

Overview and Scrutiny

Economy, Skills and Culture Overview and Scrutiny Committee

This section allows you to view the reports for the Decision.

Reports

  1. pdf CCP Report on SBQ The Ringway Birmingham - Lease Surrender Renewal - v7 (225Kb)
    1. pdf Appendix 1 Site Plan SBQ The Ringway Birmingham (381Kb)
    2. pdf Exempt Appendix 2 - SBQ The Ringway Birmingham - Lease Surrender & Renewal - v5 - Private Report
    3. pdf Exempt Appendix 3 - SBQ - Recommendation Report by AY - Private Report
    4. pdf Exempt Appendix 4 - SBQ - Heads of Terms - Private Report
    5. pdf Appendix 5 EIA000495 SBQ The Ringway Birmingham_08-08-2024 (594Kb)
    6. pdf Appendix 6 Ward Councillor Consultations SBQ The Ringway (53Kb)

This section displays the history of the Decision.

Decision History

Date & Time CreatedUser Full NameStatus DescriptionDetails
12
 Page 1 of 2, items 1 to 10 of 14.
15/07/2024 11:08:13Ghalub Hussain Business Item Created 
15/07/2024 11:08:13Ghalub Hussain Committee AddedCabinet Committee – Property
15/07/2024 11:08:13Ghalub Hussain Meeting Added12/09/2024 11:00AM
15/07/2024 11:08:49Ghalub Hussain Ward AddedLadywood
15/07/2024 11:09:12Ghalub Hussain OS Committee AddedEconomy, Skills and Culture Overview and Scrutiny Committee
15/07/2024 12:26:02Ghalub Hussain Consultation/Comments Edited 
15/07/2024 12:27:13Ghalub Hussain Status ChangedDecision Scheduled [1]
21/08/2024 10:20:04Ghalub Hussain General Details Edited 
30/08/2024 12:19:35Ghalub Hussain General Details Edited 
30/08/2024 12:20:20Ghalub Hussain Report AddedDocument ID 262961: CCP Report on SBQ The Ringway Birmingham - Lease Surrender Renewal - v7

Approval/Comments

No history found.