Decision

RESOLVED that:

A     The council grants new commercial leases at 1 North House, 10-11 Corner House, 1 Colt Hatch and 2 Slacksbury Hatch on the headline terms set out in Exempt Appendix A, B, C & D respectively to this report.

B     Authority is delegated to the Director of Facilities & Assets to:

i)      Agree minor variations to the headline terms set out in Appendix A, B, C & D, providing always that the Director for Facilities & Assets is satisfied that the lease terms are appropriate and at or better than market value; and

ii)     To procure the legal completion of those new leases.

Reasons for the decision

The proposal is consistent with the Building Harlow’s Future Mission to Secure our future by attracting and enabling inward investment into Harlow.

To generate an ongoing rental income stream to support the Council’s Medium Term Financial Plan and to comply with the Council’s statutory and common law fiduciary duty to get the best value from its property assets.

To mitigate the Council’s exposure to void property holding costs and to secure the ongoing use and occupation of 1 North House, 10-11 Corner House, 1 Colt Hatch and 2 Slacksbury Hatch, which might otherwise become a blight on the area.

Alternative options considered

The council could leave the Properties vacant, however that isn’t recommended because it would represent a missed opportunity to generate an income stream and secure the beneficial re-use of the Properties.