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Annex C (the "Heads of Agreement",)
sets out the or concession
terms on which any part of Telco's undertaking might be transferred to a subsidiary, following approval by the Governor in Council. Paragraphs 1 and 10 of Annex C outline the proper procedures for the transfer of land and buildings.
Telco's Request
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Telco intends to transfer a number of properties to its subsidiary company, Telco Properties Limited. Two of these, the East Exchange and West Exchange, have specific development plans ready to implement.
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Details of the properties are as follows:
(a)
m2
East Exchange, IL6362 a site of 882.9 m2 located at Leighton Road. Purchased at a public government land auction in 1948. Lease modified in 1985 at a premium of $9.6m to permit redevelopment as follows:
(i)
(ii)
Ground floor outlet.
-
used for telephone sales
1st floor to 6th floor exchange. (The ownership floors is retained by Telco)
(iii) 7th floor to 26th floor
-
-
telephone
of these
restricted to
commercial leasing, for periods up to five years at a time.
(b) West Exchange, IL6691, a site of 750 m2 located at Wing Lok St., Western. Granted by private treaty in 1956 requiring development of a nine storey building. Telco has proposed an office block redevelopment, with reprovisioning of the telephone exchange and Post Office.
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Telco intends to develop other properties over the coming years and may wish to transfer ownership of these. A policy review covering property development, subletting and the transfer of ownership to the property
property company is currently being undertaken.
Legal Advice
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Legal advice has been sought on whether the order made on 31 May 1983, would permit the transfer of the above properties.
No comments yet.
Private notes are available after approval.