Decision

There are confidential appendices to this report, which are exempt by virtue of paragraph 3 of Schedule 12A of Part 1 of Schedule 12a of the Local Government Act 1972 because they contain information relating to the financial or business affairs of any particular person (including the authority holding that information)

Lease renewals

Reasons for the decision

Most of the leases are due to expire, and it is proposed to renew these. The terms of the lease renewals are in line with the market. The proposed lease renewals will generate a continued revenue to support delivery of the Council’s services and meeting the Council’s obligations under Section 123 of the Local Government Act 1972.

Alternative options considered

Not to renew the leases:
Benefit - n/a
Disbenefit - The Council would become liable for all of the void costs and the future maintenance of the building

Redevelop/dispose of the site:
Benefit - Would bring in a capital receipt
Disbenefit - The Council are not yet in a position to be able to take this site to market