Decision details

Todelegate tothe Directorof Regenerationand Housingauthority to:

1.  Asurrender ofthe existinglease dated 31.03.2014.

2.  Thegranting ofa newlease toexpire on30.03.2034 outsidethe 1954 Act at a peppercorn rent on generally the same terms as the existing but excluding the option to renew.

3.  Instructing LegalServices todeal withany formalconsent or certificate from Homes England where required.

The tenant wishes to apply for museum accreditation status through the Arts Council for England and in order to do so requires a longer term than that currently unexpired.

It is proposed to assist the tenant by taking a surrender and granting a new lease on the same terms as the existing lease.  The Council should be in no worse position than that envisaged by the current lease where the exercise of the option would be on the same terms.

The new lease will provide the Tenant with the ability to apply for museum accreditation and further develop and advance the Centre.

Other options are currently limited due to the existing lease and option to renew contained within it.  Longer term an extension to the residential scheme or further residential development complementary to the existing may be possible.