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Longwood School, Bushey - Surrender and Grant of New Lease

Meeting: 16/05/2018 - Executive (Item 135)

Longwood School, Bushey

Report of Officers.

 

 

Additional documents:

Minutes:

Decision that the existing leasehold interest be surrendered by the Council and a new 25-year lease be granted to run from 1 September 2018 as detailed in Report EX/18/40.

 

Reasons for the Decision

 

The decision to approve the transaction was based on the value and length of the new lease.  The new lease would enable the Council to secure a new and higher income stream, nearly 5 years earlier and for the duration of 25 years.

 

Alternative Options Considered and Rejected

 

The decision could have been taken not to grant an earlier lease renewal.  However, it was foreseen that the rental level could fluctuate over the next five years, potentially resulting in a significantly lower rental offer.

 

(Action:  Senior Estates Surveyor)