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To renew the lease-in of land at St James Street Car Park for a
period of five years in accordance with the terms attached (Exempt
Information by virtue of paragraph 3 of Part 1 of Schedule 12A of
the Local Government Act 1972).

Reasons for the decision

To ensure efficient estate management.

To maximise the utility and efficiency of the St James Street Car
Park.

To maximise best value.

Alternative options considered

Go to third party determination on the level of rent, likely to
require full disclosure of the operating income and profitability
of the car park, which could prove to substantiate a higher level
of rent.

In January 2025, the council renewed the lease of a car park at St
George’s Place to Europarks at an
equivalent rent of £950 per space. St James Street is
considered a better location and far more accessible car park,
reflected in the higher equivalent rent per space.