{meta} Decision - 4th Floor, 1 New Bailey - New Letting

Decision details

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decision:

Salford City Council - Record of Decision

 

I, Councillor Tracy Kelly, Deputy City Mayor, in exercise of the powers contained within the Salford City Council constitution do hereby:

 

1. Approve the letting of 17,281 sqft (1,605 sqm) of space comprising the whole of

the 4th floor at 1 New Bailey on a new 5 year lease from 1st October 2022 on the

agreed terms.

 

2. Grant  delegated authority to the Strategic Director Place, in conjunction with the

S151 officer to: negotiate, agree, and finalise the detailed terms of the transaction.

 

3. Authorise the Shared Legal Service to prepare all necessary documentation and to take all steps which are required to give effect to the above recommendations.

 

The Reasons are these proposals allow for the letting of 4th Floor of New Bailey following the surrender of the space by Freshfields in 2021. This will also secure a letting to  government covenant and shows confidence in the New Bailey area, as well as generate a rental income for the Council

 

 

Options considered and rejected:   n/a

 

Assessment of Risk: Low

 

Source of funding: The letting will generate a rental income stream, service charge income and business rates for the City Council

 

Legal Advice obtained:  Rebecca Maddison - Shared Legal Service

 

Financial Advice obtained: David R Mills - Strategic Finance Manager

 

Procurement Advice obtained: Anthony Hilton, Strategic Head of Procurement

 

HR Advice: N/A

 

Climate Change Implications: This is a CAT A building and is fully compliant with all current building regulation requirements.

 

The following documents have been used to assist the decision process:

Public Briefing Report submitted to the Property/Regen Briefing on 12 September 2022.

Contact Officer:  Stephanie Mullenger - Strategic Asset Consultant             

Tel No: 07810 158682

 

*           This decision is not subject to consideration by another Lead Member

           or Strategic Director

*           The appropriate scrutiny committee to call-in the decision is the             Growth and Prosperity Scrutiny Panel.

 

 

Signed: Councillor Tracy Kelly

Deputy City Mayor

Dated:  12 September 2022   

                                                

 

*           This decision was published on Tuesday 13 September 2022

*           This decision will come in force at 4.00 p.m. on Wednesday 21 September 2022 unless it is called-in in accordance with the Decision Making Process Rules.

 

 

Publication date: 13/09/2022

Date of decision: 12/09/2022

Decided at meeting: 12/09/2022 - Property / Regeneration Briefing

Effective from: 22/09/2022

Accompanying Documents: