Grant of Long Lease at Chad House, Tynegate Precinct to Facilitate New Residential Accommodation
Report of the Strategic Director, Corporate Services and Governance
Additional documents:
Minutes:
|
Consideration has been given to the surrender and grant of a new 125 year lease of Chad House and Change of Use to M20 Property Limited (“M20P”), the Head Lessee of Chad House, to facilitate the redevelopment of the building to create 80 new one and two bedroom apartments, close to Gateshead Town Centre. |
||
|
|
|
|
|
RESOLVED - |
(i) |
That the surrender of the current head lease from M20P be approved. |
|
|
|
|
|
|
(ii) |
That the grant of a new 125 year head lease and change of use to Residential, at a peppercorn rent, subject to securing agreement on the external appearance of the Building and consultation with the Cabinet Member for Housing and ward councillors in this regard, be approved. |
|
|
|
|
|
The above decisions have been made for the following reasons: |
||
|
|
|
|
|
|
(A) |
To ensure a vacant building is brought back into economic use. |
|
|
|
|
|
|
(B) |
To provide new residential homes adjacent to the Town Centre. |