Cabinet will be asked to:

1.     Agree terms negotiated for surrender of the existing lease; and        

2.     Agree terms negotiated for the grant of a new lease and authorise the Director of Asset Management in conjunction with the Director of Legal & Governance to legally complete the lease.

Cabinet:

(a)                Agreed in principle, subject to (c) below, to accept the surrender of the existing lease of Hainault Golf Course, Romford Road, Hainault, in consideration of a payment by the lessee of a surrender premium together with the payment of any rent arrears outstanding at the date of surrender.

(b)                Agreed in principle, to grant a new lease of Hainault Golf Course for a term of 25 years to Hainault Golf Club Limited, as outlined in the main Heads of Terms attached to and forming part of Exempt Appendix 1 to this report subject to (c) below.

(c)                Authorised, for the purposes of (a), and (b) above and in accordance with section 122(2A) Local Government Act 1972, that notices are placed in a local newspaper circulating in the area for two consecutive weeks expressing an intention to dispose of the land and following the completion of the process, Authorised the Director of Asset Management following consultation with the Cabinet Member for Finance and Property to consider any objections before the disposal is made.

(d)                Authorised the Director of Asset Management in consultation with the Director of Legal & Governance, to take all necessary action to complete a surrender and re-grant of a new lease substantially on the terms set out in the main Heads of Terms attached to and forming part of Exempt Appendix 1 to the Report subject to (a), (b) and (c) above.