Issue - meetings

That:

1)        a pre-let with the operator identified within Part 2 of the report be agreed;

2)        any further related and subsidiary decisions, if required to complete the transaction, be delegated to the Chief Executive in conjunction with the Leader and Executive Member for Regeneration and Communities.

The Executive considered a report setting out a proposal to provide a new lease to a foodstore operator on the Elms Field Site.

The Executive Member for Regeneration and Communities informed the meeting that following a review of the marketplace it had became clear from undertaking this exercise that a large foodstore, as was previously envisaged, was not required in the current climate.  Several operators had come forward and following negotiations an operator had been identified who was keen to trade in Wokingham and would require a 20 year lease with the option of an additional 20 years. 

Councillor Mirfin further advised that the combined value of the hotel, cinema and foodstore leases, with a further potential restaurant in Elms Field, would amount to approximately 72% pre-lets prior to any construction commencing.

Members were pleased with the lease arrangements and praised the Officers who had negotiated these agreements and particularly the way the negotiations had been handled.

RESOLVED That:

1)        a pre-let with the operator identified within Part 2 of the report be agreed;

2)        any further related and subsidiary decisions, if required to complete the transaction, be delegated to the Chief Executive in conjunction with the Leader and Executive Member for Regeneration and Communities.