Decision details

It is resolved that:

(A)      Council approve the assignment of lease and variation of lease of:

(i)         the QVB building lease (registered number V688504) and QVB tunnel sublease (registered number 5955842) from Ipoh Property Pty Ltd to a new lessee, QVB TC Pty Ltd, as Trustee, for the Link QVB Trust; and

(ii)        the Galeries tunnel lease (registered number 3347128) from Ipoh Property Pty Ltd to a new lessee, Galeries TC Pty Ltd as trustee for the Link Galeries Trust;

(B)      Council note that the assignments are for the 50 per cent leasehold interest, currently owned by Ipoh Property Pty Ltd, in accordance with the essential terms and conditions contained within Confidential Attachment A to the subject report; and

(C)      authority be delegated to the Chief Executive Officer to negotiate, execute and administer the terms of the assignment documents in accordance with the essential terms and conditions contained in Confidential Attachment A to the subject report.

Carried unanimously.

X028643.007