Purpose

Terms have been provisionally agreed for a 90
years’ Statutory Lease Extension for a premium of
£104,750 plus surveyors’ and legal fees.

Decision

For the reasons set out in this report, the
Corporate Director has decided to approve the proposed lease
extension premium of £104,750 (one hundred and four thousand
and fifty pounds) plus surveyor’s fees of £1,500 and
legal fees of £1,200 to be paid to the Council. From the lease premium
£5.00 is due to the intermediate landlord.

Alternative options considered

The Council does not have other options as
this is a statutory lease extension applying to a qualifying
sub-tenant.