Decision - Lease Deed of Variation Torquay Marina & Car Park, Torquay

Lease Deed of Variation Torquay Marina & Car Park, Torquay

Decision Maker: Director of Finance

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

That a Deed of Variation be granted to MDL Ltd, on the terms as set out in exempt appendix 1.

Reasons for the decision:

The Deed of Variation has been agreed between the Council and MDL Ltd on commercially acceptable terms.

Alternative options considered:

The Tenant is seeking consent to vary the lease that would, subject to obtaining all necessary statutory consents and approvals, permit the development of housing to be built on the Marina Car Park. Permitting a variation of the lease is wholly at the discretion of the Council.

The Council, in entering into the Deed of Variation, has ensured that Section 123 of the Local Government Act has been satisfied by including an overage (in perpetuity) and a clawback provision within the said deed, which provides best value to the Council.

It is agreed that each party pays their own legal costs as is the standard practice for transactions of this nature.

Implementation:

Immediately.

Information:

Approval to vary by way of Deed of Variation, in relation to extending the term of years and to vary the user clause provision to accommodate residential use, as set out in the Lease.

Interests and Nature of Interests Declared:

None.

Publication date: 05/11/2024

Date of decision: 31/10/2024