Decision

Granting of a lease renewal for shops 2-3 The Square and simultaneous surrender back to the Council of the associated residential flat at 26 The Square

Reasons for the decision

The proposed transaction secures a long-term commercial tenant at a market rent and enables the sale of a property for a capital receipt

Alternative options considered

Grant lease of both shop and flat together to a new tenant following a period of marketing. This was rejected as the proposed terms for the shop letting are at market rent and the surrender of flat will allow the generation of a capital receipt