Purpose

The disposal of a leasehold
interest in 3 Imperial Way, Wallington, CR0 4RR to Provide
Equipment Hub Limited, or;
 
The sale-and-leaseback of the
property to the Council as a contingency measure, to enable the
marketing of the freehold interest.
 
 

Content

RESOLVED
to:
 

1.1.       
Agree that the Council lease 3 Imperial Way,
Wallington, CR0 4RR for a term of 10 years at an initial rent
of  £301,834 per annum to a newly
formed Public Service Mutual called Provide Equipment Hub Limited
(“the Mutual”), which will be formed (in part) from the
Community Equipment Servies (“CES”), which is currently
a Council department.
 

1.2.       
Agree that, in the event the new Mutual has not been
formed and thus is not ready to complete  the lease, by 18 October 2024 the Council instead
enters into a “sale-and-leaseback” for the property
(upon sale of the freehold interest) and that leasehold interest
will be assigned to the Mutual as soon as is
practicable.