122 Market Walk Lettings
To consider and receive the report of the Director (Business, Development and Growth).
Additional documents:
Decision:
1. To approve the proposed Heads of Terms for occupying a unit in the Market Walk Extension.
2. To authorise the Head of Legal Democratic and HR Services to prepare and complete an Agreement for Lease and Lease based on the agreed terms (Appendix A). That the Director of Business, Development and Growth have delegated authority to agree any minor changes to these Heads of Terms, such delegation to be exercised in consultation with the Executive Member for Resources.
3. To approve the additional expenditure in the contract sum for providing a 17-person passenger lift to the unit.
Minutes:
Councillor Peter Wilson, Executive Member (Resources), presented the confidential report of the Director (Business, Development and Growth) which seeks approval for the proposed Heads of Terms for occupying a unit in the Market Walk Extension.
Decision:
1. To approve the proposed Heads of Terms for occupying a unit in the Market Walk Extension.
2. To authorise the Head of Legal Democratic and HR Services to prepare and complete an Agreement for Lease and Lease based on the agreed terms (Appendix A). That the Director of Business, Development and Growth have delegated authority to agree any minor changes to these Heads of Terms, such delegation to be exercised in consultation with the Executive Member for Resources.
3. To approve the additional expenditure in the contract sum for providing a 17-person passenger lift to the unit.
Reasons for Recommendation(s):
The Market Walk Extension was initially conceived as a retail led development with a cinema; however, during the period of bringing the scheme to delivery, the retail market has become increasingly challenging. The internal configuration of extension has since been adapted to take account of market forces and reduce the floorplan given over to retail whilst expanding that available/suitable for leisure and/or food & beverage operators.
This proposal will provide another permanent attraction to the town centre leisure offer, and the financial offer is a good one.
Alternative Options Considered and Rejected:
A less substantial financial offer was received from another company, but this would have required significant changes to the structure, concessions on parking on the Flat Iron and the creation of a 5,000 sqft inaccessible void at first floor. It would also duplicate an offer already available within close-proximity and not add anything new to the town centre. For these reasons it was not progressed any further.