Decision

Summary of Decision

The Cabinet Member for Finance and Council Reform has:

1. 1.              Approved the principle of the Council varying the existing lease between DLL and the Mayor and the Citizens of the City of Westminster and entering into an Agreement For Lease (AFL) between the same parties, on the terms set out in the report; and
2. 2.              Delegated authority to the Director of Corporate Property following consultation with the Executive Director of Finance and Resources, to approve the Council entering into any necessary legal documents required to facilitate the transactions.

Reasons for Decision

Subject to approval, the variation and the agreement for lease enables the Council to receive a significant rental increase from the tenant and ensures the Council receives income from the asset for the longer term. Not proceeding with the recommendation would result in a lower rental return and a lack of certainty of income at the end of the current lease in 2030.