Decision

Decision made to proceed with the contract with Countryside within the confines of the Cabinet approval dated 29th November 2023.

Reasons for the decision

To enter into a formal contract with Countryside outside of the Development Agreement to capture the capital value from Countryside’s headlease sale as relates to the notional 4,000 sq. ft commercial floorspace.

Alternative options considered

An alternative strategy to have rental income in lieu of capital value was considered but not agreed to by Countryside, as they control the headlease and the occupational leases. Additionally, not proceeding with the contract with Countryside means RBWM will have no mechanism or ability to legally obtain or retrieve the capital value relating to the notional 4,000 sq.ft of commercial floorspace which physical space is already occupied by Masters and Anytime Fitness.

The option of 'do nothing' means RBWM will not have the benefit of the capital receipt from the reversionary sale by Countryside.