Disposal of Land by Granting a Long Leasehold Interest in Land off Grafton Gate and Silsbury Boulevard

Descriptions

The Council (part landowner of Grafton Gate and Silsbury Boulevard) is intending to surrender a lease and grant a 125-year lease to the purchaser (Santander UK plc). Part of the land is used as a car-park generating income for the Council (currently leased to The Parks Trust). The purchaser is paying the Council GBP 1 331 771 for the lease. The purchaser may develop the property but is not required to. If the purchaser develops the property:— it must do so in accordance with planning conditions and building regulations imposed by the Council as planning authority — none imposed as a contracting authority;— it will result in a digital hub being built on the purchaser's land and a reinstatement of the Council's car-park on its land;— the Council will grant an investment lease to the purchaser and have the benefit of a car-park lease granted to it by the purchaser.The Council has an option to require the purchaser to surrender the lease in specific circumstances/within certain timeframes.