Decision details

OD/21/104 Surrender of Lease of Property Raeburn Road

Decision Maker: Officer Decision

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

Decision made to accept a surrender of the lease G4S Ltd Raeburn Road, South Ipswich. IP3 0ER The Council owns the freehold of this property. It was let on 10th May 1972 to Norwich Union Life Assurance and assigned to Securicor Ltd now G4S Limited. A dilapidations schedule has been agreed between the parties and a premium is payable by the Tenant on completion.

Decision:

to accept a surrender of the lease for the G4S Ltd Raeburn Road property.

 

Reason:

•Opportunity to strategically manage the Council’s estate. The Council owns the freehold of the land. The area is designated as industrial land.

•The tenant vacated the property 20th August 2021 as part of their estate reconfiguration. There was no break option in the lease which expires 2045, the Council can update and let the property to avoid it being left vacant.

•An independent valuation was obtained confirming the surrender value in August 2021. The tenant has provided evidence of statutory certificates.

Publication date: 16/02/2022

Date of decision: 07/02/2022

Accompanying Documents: