Issue - meetings

This report outlines the opportunity for the Council to extend two long term commercial leases on their existing terms and receive a combined £52,500 capital receipt.

Following consideration, the Committee unanimously resolved to:

(1)       Agree to extend the two commercial leasehold interests by 100 years and 50 years as described in paragraphs 1 and 2 of Exempt Appendix 1 to the report.

(2)       Note that the two lease extensions will generate a combined capital receipt of £52,500 on completion.

(3)       Nominate and authorise the Head of Property & Regeneration to take all necessary actions further to the above decision being made, to progress the lease to completion. 

The Committee received a report outlining the opportunity for the Council to extend two long term commercial leases on their existing terms and receive a combined £52,500 capital receipt.

The following matter was considered:

a)              Capital receipt. In response to a question from a Member, the Head of Property and Regeneration informed the Committee of the process followed by the council to extend it’s long term commercial leases and the calculation of a capital  receipt.

Following consideration, the Committee unanimously resolved to:

(1)        Agree to extend the two commercial leasehold interests by 100 years and 50 years as described in paragraphs 1 and 2 of Exempt Appendix 1 to the report.

(2)        Note that the two lease extensions will generate a combined capital receipt of £52,500 on completion.

(3)        Nominate and authorise the Head of Property & Regeneration to take all necessary actions further to the above decision being made, to progress the lease to completion.