Issue - decisions

Lease renewals on Church Street

17/04/2024 - Lease renewals on Church Street

1.              Summary of Decision

The Cabinet Member:


1.1   approved the principle of the Council conducting a lease renewal for new leasebetween HBull andSon (Textiles)Ltd andthe Mayorand theCitizens of the City of Westminster and entering into an Agreement For Lease (“AFL”) between the same parties, on the terms set out in this report; and


1.2     delegates authority to the Director of Corporate Property following consultation with the Executive Director of Housing, to approve the Council entering into two new leases and any ancillary legal agreements there to.


2.              Reasons for Decision


Subject toapproval, thelease renewaltogether withthe sideletter enablesthe Council to retain an anchor tenant on Church Street with a strong rental payment history and ensures the unit is let producing an income stream until SiteB isready fordemolition. Thisarrangement alsolimits theCouncil’s liability regarding future leaks.