Decision details

(i)              That the progress made to date by Capital&Centric on the partially demolished Astley Place project in Newcastle Town Centre.

(ii)             That it be recommended that Council:

a.     Approve expenditure of up to (either £18,213,758 in total or £16,111,895 minus costs already approved) to complete the Astley Place scheme to practical completion in readiness for occupation;

b.     Authorise the Deputy Chief Executive, in consultation with the Portfolio Holder for Finance, Town Centres and Growth, and Portfolio Holder for One Council, People and Partnerships to progress legal agreements, subject to planning approval, to enable the appointment of Capital&Centric under a Development Services Agreements (DSA) for the development of the scheme through a direct award under the Pagabo Development Management Framework;

c.     Authorise the Deputy Chief Executive, in consultation with the Portfolio Holder for Finance, Town Centres and Growth, and Portfolio Holder for One Council, People and Partnerships to progress the legal agreement for the ‘buy back’ of the schemes by Capital&Centric upon completion of the developments.

d.     Authorise the Deputy Chief Executive, in consultation with the Portfolio Holder for Finance, Town Centres and Growth to progress the legal agreements with Homes England to accept a grant as a subsidy for the development and become the accountable body for the grant, subject to Homes England approving the grant.