Issue - meetings

To consider Exempt Report No. PG2502 (copy attached), which seeks authority to grant long leasehold extensions in respect of the Arrow Industrial Estate, Farnborough.

The Cabinet considered Exempt Report No. PG2502, which sought authority to grant long lease extensions in respect of the Arrow Industrial Estate, Farnborough.

Members were informed that the Council’s Financial Resilience Plan had identified the need for the Council to realise capital receipts whilst minimising income loss. Long leasehold extensions were a means of achieving a capital receipt without sacrificing income. In the case of this property, there had been a period of negotiation which had now concluded and the Exempt Report set out the resulting proposed terms of the transactions.

The Cabinet RESOLVED that

i.                 a new 150-year lease for the Arrow Industrial Estate, on the basis of the terms set out within Section 3 of Exempt Report No. PG2502, be approved, and;

ii.                authority be delegated to the Executive Head of Property and Growth, in consultation with the Legal Corporate Manager, to agree the final terms of the respective leasehold extensions, including modernisation of the leases.