Valuation of pub’s ‘airspace’ on the runway this week
Ballina Shire Council is confident it will not delay the $40M purchasing process of the Lennox Hotel.
Same as if tables were placed on the street, the use of that balcony triggered a lease agreement between the current owners and council, in this case for the use of the 'airspace'.
The lease expired last November, and is currently running on month-to-month basis.
Councillors decided to engage an independent valuator to update the amount required for the lease during last week's meeting.
Council will complete the new valuation of the balcony this week and it is not expected to require an extraordinary meeting to take place.
Paul Tsikleas, Manager Commercial Services, said the process was expected to run smoothly.
He explained that in the meeting last week, councillors resolved to grant the current owners a new over the air space used by the hotel as the balcony/deck by the upstairs restaurant, for a term ending on November 14, 2025.
"The rental for that new lease will be determined by an independent valuer," he said.
"That will be complete by this week.
"We are working toward having all this complete, and allow the settlement of the hotel to take place by March 15, as expected."
The council executive said the current owners were happy with the way this has been managed.
The amount paid by the hotel for renting the space from council has always been a confidential matter, Mr Tsikleas said.
Mr Tsikleas confirmed council will not need to meet again regarding the topic.
Local brothers Greg and Clyde Campbell recently sold the Lennox Hotel for an "undisclosed sum" to the Fraser Short and Stu Laundy hospitality consortium, as part of an off-market sale, estimated at $40M.