Purpose

Camden Council (LBC) currently holds a lease for a term of
25 years over Russell Square Gardens which is set to expire on the
24 December 2024.  LBC are currently negotiating
a new head lease over the Russell Square Gardens with The Bedford
Estates (TBE) on a 20-year term to commence from 25 December 2024.
LBC will on completion of the head lease simultaneously grant an
under lease over the café directly to TBE for a term of 20
years less 3 days at an initial rent of £30,000 per
year.
 
The purpose of this report is to acquire consent to
proceed with the new head lease over Russell Square Gardens prior
to its completion.  

Content

THAT the Executive Director of Supporting Communities
(following consultation with the Cabinet Member for Planning
and Sustainable Camden, the Cabinet Member for Finance and Cost of
Living, and ward councillors) agrees to enter into a twenty-year
term lease with The Bedford Estates Bloomsbury Limited (TBE) and
Alexander Walduck, David Howard Marchant, Robert Osborne and Gareth
Walsh (the current commissioners appointed under the Russell Square
Act 1800 (the Commissioners)) over Russell
Square Gardens commencing on the 25 December 2024.