Decision details

1.    Approves the acquiring of the bare freehold interest of the retail land at North Place, with Augur Buchler retaining the beneficial interest.

2.    Approves the Authority granting two 250 year leases to Augur Buchler Cheltenham Limited on the same financial terms as set out in the Cabinet report dated 13 March 2012.

3.    Approves the Authority transferring the bare freehold estate interest back to Augur Buchler Cheltenham Limited.

4.    Approves the Authority surrendering its lease on North Place car park to Augur Buchler Cheltenham Limited on or around the 8 December 2014.

5.    In accordance with Rule 14.26 of the Overview and Scrutiny Rules, this decision is, in my opinion, urgent (as defined in rule 13.3 (b)) and should not be subject to call in because any delay in making a decision would not be in either the Council’s or public interest as the consequences of this would seriously prejudice the delivery of the development.

1.    The transfer of the bare freehold interest still enable the Council to grant the leases Augur Buchler requires to secure the food store operator.

2.    The transactions enable the Council to pass on any residual liability in relation to the retail land as it will not retain the freehold, without incurring any Stamp Duty Land Tax liability.

Proceed with the Council taking back the freehold of the retail area and granting a 250 year lease but this would trigger an unnecessary SDLT liability.

Agreed to the recommendations.

One Legal, Cabinet Member Finance, together with legal and tax advisers Bevan Brittan and Grant Thornton.