That the lease held by Marina Development Limited for Torquay Pavilion be surrendered.

Torquay Pavilion had been allocated £2 million towards its restoration, from the Torquay Town Deal. This funding was intended to support the ultimate restoration of the Pavilion to allow the building to be returned to an active life contributing to the vibrancy of the Torquay harbour area in line with the objectives of the Torquay Town Deal.

There were no other options considered, as the decision made by Cabinet set out the course of action to be taken.

The decision will be implemented immediately.

On 13 February 2024, the Cabinet made the following decision:

1. To delegate to the Director of Pride in Place, in consultation with the Cabinet Member for Place Development and Economic Growth and the Director of Finance, agreement of the final heads of terms for the surrender of the lease in respect of the Pavilion;

2. That the Director of Pride Place seek expressions of interest from investors and occupiers, to work with the Council for uses aligned to the Torquay Town Investment Plan 2020 with this process to begin before the end of February 2024; and

3. That the Director of Pride in Place prepares a funding strategy for the restoration of the Pavilion.

Since the Cabinet meeting, negotiations have been ongoing with Marina Development Limited to secure the surrender of the lease.  Acceptable terms have been reached and the lease has been surrendered, thereby giving affect to 1. above.

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