Content

To sell the freehold interest subject to the
existing long leasehold interest. The tenant offered a sum to
purchase the site that met or beat the amount we could reasonably
expect in the market and we were also able to negotiate this in
house without the need for agent’s fees. The transaction was
backed up by an independent valuation. In these instances a sale to
the very long term tenant is the best way to release value to be
shared between the parties. 

Reasons for the decision

In accordance with the Asset Strategy

Alternative options considered

retention, but that would have possibly meant
losing the opportunity to sell at an acceptable figure and the rent
versus the capital received was the more attractive option