A draft notice for the takeover of St David's Hall shows that hopeful operators would be obliged to take on a repairs bill of about £38m. Cardiff Council has for the first time published the draft voluntary ex-ante (VEAT) notice of intent for the classical music venue, which reveals the figure.
The document, which shows further details of the proposed agreement between the council and Academy Music Group (AMG) for the takeover of St David's Hall, is intended to allow competitors to come forward with a challenge to the bid. It also states that the proposed arrangement will involve the grant of a 45-year lease and requires AMG to make the venue available to third parties to book for up to 90 days a year.
The council isn't expected to consider a final lease agreement with AMG until July, provided that no challenges to AMG's offer have been made on the conclusion of the VEAT process. A description of the procurement on the VEAT states: "The lease contains (amongst other common requirements) an obligation on AMG to keep the Venue open (except in limited circumstances set out in the lease) and in a state and condition as to be safe and operational in line with industry standards and as required by all statutory and licensing requirements.
