Purpose

Agree to the sale of the RBKC Freehold of 19-27 Young Street which was built as part of the RBKC Grainger Plc joint venture. The site is leased to Grainger Property special purchase on a long lease (128 years to 18 February 2146). Grainger has identified a purchaser of their ground rent interest, and the Council will also dispose of their freehold interest.

Following on from the Freehold disposal of 19-27 Young Street, agree to the closing down of the RBKC / Grainger Plc joint venture and the distribution of monies (excess revenue / profit share) owed as part of the development agreement.

Decision

The Lead Member AGREED to:

(i)             Agree the settlement of the account payment, as detailed in the exempt from publication (Part B) Appendix, as recommended by the Council’s surveyors and specialist advisors,

(ii)            Delegate authority to the Strategic Director of Grenfell Partnerships, Communities and Transformation to authorise any payments and enter into any legal documents to give effect to this decision.