Page 4566 - Week 15 - Thursday, 22 November 1990
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ANCILLARY TO THE HOTEL, AND THAT NET MORE THAN 4,600 SQUARE METRES OF GROSS FLOOR AREA MAY BE USED FOR OFFICES, PROFESSIONAL SUITES AND PERSONAL SERVICES. THUS THE TOTAL MAXIMUM GROSS FLOOR AREA WHICH MAY BE DEVOTED TO USES OTHER THAN THE ACTUAL HOTEL ROOMS OR SERVICED APARTMENTS IS 9,350, THE FIGURE MENTIONED BY MR MOORE.
THESE PROVISIONS HAVE BEEN INCLUDED IN THE TENDER DOCUMENTATION ISSUED ON 19 OCTOBER 1990 FOR THE SALE OF THE PROPERTY, AND DO NOT REPRESENT ANY CHANGE TO THE PREVIOUS LEASE CONDITIONS. THEREFORE NO REPORT WAS PREPARED.
AS MENTIONED ABOVE, ON 22 FEBRUARY 1990 THE SOLICITORS FOR THE MORTGAGEE, ACC (ADVANCES) LTD, ADVISED THE GOVERNMENT THAT THE MORTGAGEE HAD ENTERED INTO POSSESSION OF THE LAND ON 13 FEBRUARY 1990 PURSUANT TO ITS MORTGAGE.
THE GOVERNMENT THEREFORE AGREED TO ALLOW PROSPECTIVE PURCHASER TO STAGE THE DEVELOPMENT, WITH THE POSSIBILITY OF CONSTRUCTING THE HOTEL ELEMENTS IN THE SECOND STAGE. THE GOVERNMENT HAS NO DESIRE TO SEE ANY DEVELOPER OR MORTGAGEE SUFFER, AND CONTINUES TO SUPPORT DEVELOPMENT IN THE ACT. ACC WERE THEREFORE GRANTED AN EXTENSION OF TIME TO COMMENCE AND COMPLETE THE DEVELOPMENT, AND TO TRANSFER THE LAND TO AN APPROVED PURCHASER WHO COULD BE SHOWN TO HAVE THE CAPACITY TO MEET THE DEVELOPMENT COVENANTS OF THE LEASE.
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