The 121-year-old architectural gem is the most visited attraction in the city and brings in visitors from around the world.
It was bought by the city for £8200 in 1952, the same year as the late Queen ascended to the throne.
A report approved by the city administration committee stated: “The rent will be subject to an annual fixed rent increase. It closed for a refurbishment in 2003 and after a £35m project reopened in 2006 when Queen Elizabeth visited for the opening ceremony.
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