Harrow Council is set to sell its office building, located on the outskirts of Newport in South Wales, as part of its ongoing asset management strategy. The decision was approved by the council's Cabinet during a meeting on Thursday, January 29, 2026.

The property is currently leased to a tenant with a strong financial standing. The lease has 10 years remaining and was originally due to expire in 2028. However, as the lease expiry approached, the tenant approached the council to discuss options, leading to a proposed surrender and regrant of the lease.

This move is part of the council's efforts to manage its income-producing commercial property assets effectively, aiming to reduce risk and mitigate costs. Selling the property now, without the proposed surrender and regrant, would result in a significantly discounted value. The surrender and regrant is recommended to maintain a continued income stream and remove potential voids and empty building liabilities, including business rates.

The council purchased a small number of out-of-borough investment properties, including this South Wales office building, between 2017 and 2019 as part of its overall asset management strategy.

Further details regarding the terms of the lease agreement and the specific financial analysis of the surrender and regrant are confidential and have been outlined in an exempt appendix to the officer's report. 1

  1. Report - Part I surrender and regrant final.pdf (https://moderngov.harrow.gov.uk/documents/s197620/Report%20-%20Part%20I%20surrender%20and%20regrant%20final.pdf) ↩