Issue details

The Council occupies Buntingford Service Centre under a lease which is due to expire in 2028. The Service Centre is used to deliver the waste collection service which operates under a service contract with an external provider. The current contract is due to expire in 2025 and work is progressing to grant a new 8 year contract (with the option for a further 8 years) from this date. The Council therefore needs to extend the term of the lease to accommodate the length of this contract. Negotiations have taken place with the Landlord and terms agreed for a new 15 year reversionary lease effective from November 2028. The 15 year term will accommodate the duration of a 16 year waste contract plus an additional 2 years to allow the Council flexibility should this contract be extended and time to plan for future arrangements. The lease will contain a day 1 rent review and thereafter rent reviews every 5 years. Other terms will be broadly based on the existing lease. The purpose of this report is to seek authority to enter into this reversionary lease.