Decision - Creation of Enterprise Space in the West End | Westminster City Council
Decision details

Decision - Creation of Enterprise Space in the West End

Decision details

Creation of Enterprise Space in the West End

Decision Maker: Cabinet Member for Business, Culture and Heritage, Cabinet Member for Finance, Property and Corporate Services, Cabinet Member for Housing

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Refurbishment and letting of vacant office space to provide creative industries focussed affordable workspace. All works to be undertaken by in-going tenant part funded by a capital allocation from the General Fund.

Decision:

1.            That this report be exempt from disclosure by virtue of the Local Government Act 1972, Schedule 12A, Part 1, paragraph 1, in that it contains information relating to an individual and paragraph 3 in that it refers to the financial or business affairs of others (including the authority holding that information).

 

2.            That the Cabinet Member for Housing approved the new letting of the office unit identified in the report for a duration as set out, outside of the Landlord and Tenant Act, at a commencing rent per annum as detailed in the repot and granted delegated authority to the Director of Property Investments and Estates to conclude negotiations, including the legal process, in the best interest of the Council.

 

3.            That the Cabinet Member for Finance, Property and Corporate Services approved an allocation of capital funding from the General Fund as detailed in the report as a landlord’s contribution for the fit out, the principal sum of which will be drawn down by the tenant who will oversee the completion of the works, and granted that the Council spend be provided through the delegated authority to the Director of Property, Investments and Estates who will conclude negotiations, including the legal process, in the best interest of the council.

 

4.            That the Deputy Leader and Cabinet Member for Business, Culture and Heritage, the Cabinet Member for Finance, Property and Corporate Services and the Cabinet Member for Housing approved the management fee per annum as detailed the report to the Economy team for a housing and employment advisory service tasked with addressing employment issues for the local area and noted that this reallocation will take place upon Council receipt of rental income.

 

5.            That the Cabinet Member for Finance, Property and Corporate Services and the Cabinet Member for Housing approved that the Housing Revenue Account cover the opportunity costs of financing capital expenditure, via an annual payment to the General Fund for the figures as detailed in the report, which will be held centrally to cover the cost of borrowing.

 

6.            That the Deputy Leader and Cabinet Member for Business, Culture and Heritage agreed to the principle of the property identified in the report as being used as an enterprise space, but noted that it continues to be a Housing Revenue Account asset.

 

Reasons for Decision 

 

1.            The proposed letting of the space will provide a long-term income stream to the Housing Revenue Account, as well as enable the creation of a new enterprise space which will be a community asset, providing workspace, much of which will be affordable, for small creative businesses, including start-ups, within Westminster.

 

2.            The contribution to the housing and employment advisory service will ensure local residents benefit from the workspace and employment growth opportunities being developed.

Publication date: 21/12/2017

Date of decision: 21/12/2017

Effective from: 03/01/2018