Agenda item

The report seeks approval of a long lease agreement in respect of a vacantcommercial asset - 1 Shepherds Bush Green.  The assethas been extensively marketed. An analysis of the property offers has been undertaken and detailed in the report. 

Officers advised of a slight amendment to paragraph 4.3 of the report as follows: -

“The intention is the primary pedestrian and vehicular movements will be at the rear of the property (the alleyway) and not the current primary Ravenscourt Gardens entrance. The Council has a long-standing access agreement with TfL at the rear of the property. TfL and H&F officers are working together so this will include rights granted to Kindred Studios too. The only intended access onto Ravenscourt Gardens will be for fire emergency access including fire drills. It is intended there will be disabled only entrance and exit onto Ravenscourt Gardens. The Council’s intention is to ensure the access arrangements are clearly documented in the legal agreements and are also enforceable”.

The Committee requested officers to liaise closely with residents and the ward councillors once the property is let particularly as we approach the planning phase.  The residents and ward councillors must also be consulted on any TFL proposals to change the access arrangements.

RECOMMENDATIONS

1.            That the Council entered into acommercial lease including the proposed rental income and associated property agreement withKindred Studiosin accordance withthe heads of terms in Appendix 1.

2.            That authority be delegated to the Strategic Director of The Economy in consultation with the Cabinet Member for Finance and Commercial Services and the Assistant Director of Legal and Democratic Services, to complete the legal property documents.

3.            To note that if Kindred Studios do not operate the break clause in year six of their property lease that a further report is submitted to Cabinet for the approval of the continuing lease.