Decision details

In March 2021, the Cabinet agreed to the entering into of an agreement for a long headlease relating to the redevelopment of the Trocoll House site. 

The Agreement was entered into and demolition at the site is complete.  The Cabinet will be provided with an update on the project and be asked to approve revised terms for the development to proceed.

Cabinet resolved to:

(i)  Note that the revised offer from Railpen relating to the proposed terms of an amended Lease Agreement for the redevelopment of Trocoll House would not be financially viable for the Council, as detailed in the report and the financial modelling and options analysis set out at Appendix 1 to the report;

(ii)  Agree a final counter-offer to Railpen as detailed in option 4(b) of Appendix 1 to the report, which represented a circa 9% increase to the original starting annual lease payment while mitigating the Council’s level of risk to an acceptable and affordable level, and delegate authority to the Strategic Director, Resources to progress that course of action; and

(iii)  Agree, subject to Railpen accepting the terms of the Council’s counter-offer, to delegate authority to the Strategic Director, Resources, in consultation with the Cabinet Member for Finance, Growth and Core Services and the Head of Legal, to enter into all necessary and ancillary agreements to fully implement and effect the proposals.