Purpose

For
the Council to enter into an agreement for Lease in respect of the
Mary Forsdyke Car Park, High Road, Bushey Heath, Hertfordshire,
WD23 1UT.

Content

RESOLVED that
Cabinet

a)    
Approved that the
Council entered into an agreement with the party, and on the terms,
set out in 2.1.

b)    
Authorised the
Head of Asset Management & Engineering Services and Chief
Finance Officer in consultation with the Portfolio Holders for
Asset Management and Streetscene to agree detailed lease
terms

c)    
Authorised the
Council’s Legal Services, or external lawyers, to prepare and
complete all necessary legal documents.
 
Reasons for
decision

1.    
The agreement would enable the
Council to secure a high-quality tenant with a strong national
covenant, ensuring a reliable and sustainable income stream from an
existing asset that currently provided limited financial
return.

2.    
The proposal would deliver physical
and visual improvements to the Mary Forsdyke Car Park through
resurfacing, relining, installation of new signage, trolley bays,
and enhanced lighting - all undertaken and funded by the
Tenant.

3.    
The lease arrangement complemented
and contributed to the regeneration and vitality of the High Road,
reinforcing Bushey Heath’s role as a key local retail
centre.
 
Alternative Options
Considered

1.    
Option 1 –
Do nothing. Taking no action
would mean the Council continued with the existing car park
operation, foregoing the opportunity to secure a guaranteed rent,
improved facilities, and wider economic uplift. This option would
not represent best value for the Council. Retaining the car park
under direct Council management would maintain full control of the
site but would: a) Generate only modest and uncertain revenue b)
Require ongoing maintenance and management costs, and c) Miss the
opportunity to secure a long-term income stream from a strong
national tenant and associated investment in car park improvements.
For these reasons, this option was not recommended.

2.    
Option 2 –
Dispose of the freehold interest in the car park. This would generate a one-off capital receipt
but would result in the loss of long-term revenue income and the
loss of strategic control over a key public asset. Retaining
ownership while granting a lease offered a better balance of
financial return and control.

3.    
Option 3 –
Let the car park to an alternative operator. The Council could seek to lease the site to
another party for general parking or commercial use. However, no
alternative operator had approached the Council, and the
opportunity before it would bring clear regeneration and economic
benefits to Bushey Heath. Authorises the Head of Asset Management
& Engineering Services and Chief Finance Officer in
consultation with the Portfolio Holders for Asset Management and
Streetscene to agree detailed lease terms.