Construction work for halls of residence

Description

The Royal Conservatoire of Scotland (‘RCS’) intends to enter into an Agreement for Lease with a developer in respect of the proposed redevelopment of 31 Dunblane Street, Glasgow, G4 0HJ. RCS proposes to enter into an Agreement for Lease in respect of around 164 bedrooms within a proposed student development agreement of around 286 bedrooms to be constructed by a developer, Soller One Limited (‘SOL’) on land at 31 Dunblane Street, Glasgow G4 0HJ to be acquired by SOL pursuant to an existing contract following the grant of planning permission. If SOL proceeds with the development, it will be delivered in accordance with a specification and drawings approved by RCS and will include practice rooms, a gym and other common amenities which will be available for use by RCS students. On completion of the development a lease will be granted to RCS for 20 years subject to a break option in favour of RCS every 5 years. The lease will also include an annual option for RCS to add additional rooms to the lease. The landlord will be obliged to repair, maintain and insure the completed development and provide a full range of facilities management, letting and marketing services.