Decision details

10.1

The Executive Director, Place submitted a report in relation to the proposed lease of land at Charles Street.

10.2

RESOLVED: That Cabinet:-

(a)

notes the investment and approves the proposals to enter into the  lease of land at Charles St to Sheffield Hallam University (SHU) on the terms set out in this report;

(b)

delegates authority to the Executive Director, Place in consultation with the Director of Capital and Major Projects and the Director of Legal and Governance to agree the terms of the documentation required to effect this transaction; and

(c)

delegates authority to the Director of Legal and Governance  to complete such  legal documentation as she considers necessary or appropriate in connection with this transaction on such terms as  she may agree to give effect to the proposals set out in this report and generally to protect the Council’s interests.   

10.3

Reasons for Decision

10.3.1

The proposed improvements to this open space and its use for far more events, alongside other investments in the area, will be a major boost for the attraction of the city centre and the CIQ in particular. This has wider economic benefits in terms of making the city an exciting place to locate and attract talented staff for businesses in the creative and digital industries which is a key growth area. It also adds to the high quality of open spaces in the city centre making it a more pleasant place to live.  

10.3.2

The proposal to grant a lease for 25 years will unlock an investment from SHU of approximately £400,000 and will remove a maintenance liability from the Council of approximately £1,000pa. The refurbishment of the land will benefit a Council owned asset which is currently in a poor state of repair.

10.4

Alternatives Considered and Rejected

10.4.1

The Council could simply do nothing and leave the open space as it is which would have little benefit and it would continue to be poorly used.

10.4.2

Alternative sources of funding could be sought to carry out the improvements but such funding is limited and if it was possible to secure any then that would be at the expense of other schemes. Whereas by utilising the investment from the University it is hoped to use this as match to drawdown further funding for improvements in this part of the city centre.

10.5

Any Interest Declared or Dispensation Granted

None

10.6

Reason for Exemption if Public/Press Excluded During Consideration

None

10.7

Respective Director Responsible for Implementation

Simon Green, Executive Director, Place

10.8

Relevant Scrutiny and Policy Development Committee If Decision Called In

Economic and Environmental Wellbeing