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Decision made to proceed with the contract
with Countryside within the confines of the Cabinet approval dated
29th November 2023.

Reasons for the decision

To enter into a formal contract with
Countryside outside of the Development Agreement to capture the
capital value from Countryside’s headlease sale as relates to
the notional 4,000 sq. ft commercial floorspace.

Alternative options considered

An alternative strategy to have rental income
in lieu of capital value was considered but not agreed to by
Countryside, as they control the headlease and the occupational
leases. Additionally, not proceeding with the contract with
Countryside means RBWM will have no mechanism or ability to legally
obtain or retrieve the capital value relating to the notional 4,000
sq.ft of commercial floorspace which physical space is already
occupied by Masters and Anytime Fitness.

The option of 'do nothing' means RBWM will not have the benefit of
the capital receipt from the reversionary sale by
Countryside.