Purpose

The council leases Royal
Harbour multi-storey CP under a financing lease entered into in
1977, which has 48yrs unexpired. The lease contains a tenants
option to purchase the leasehold interest, at certain trigger
points, the next is in 2025. Exercising the option will have an
improved long term budgetary impact for the council.

Decision

Cabinet approved exercising the option to
purchase the leasehold interest in Royal Harbour Multi-storey car
park, Ramsgate at the next available option trigger date and
finance the purchase from borrowing.