Decision

Summary of Decision

The Cabinet Member for Finance and Council Reform has approved the principle of the Council accepting the surrender of the existing lease between Q Park Limited, Q Park NV and the Mayor and the Citizens of the City of Westminster and the granting a new lease between the same parties, at the Leicester Square car park.

Reasons for Decision

Subject to approval, the agreements enable the Council to receive 4% annual growth on the rental income from the Q-Park lease. The surrender of the existing lease and granting of the new lease at Leicester Square car park for a 10-year term enables the Council to receive income from the asset for a longer term. Not proceeding the recommendation would provide a lack of support to one the Council’s largest tenant who is seeking certainty in their future rent projections.