IPR faces huge bill over the rent of its former HQ

The IPR has set aside more than pounds 300,000 to complete a rental deal on its former headquarters. The body must pay pounds 306,900 over the next eight years to wind up a lease on its old Gate House address which it vacated in 1990.

The IPR has set aside more than pounds 300,000 to complete a rental

deal on its former headquarters. The body must pay pounds 306,900 over

the next eight years to wind up a lease on its old Gate House address

which it vacated in 1990.



When the IPR moved, it sold the remaining 18-year lease to an

undisclosed company which went bankrupt in 1995. Despite having sub-let

the Gate House since 1995, new regulations mean the IPR is now saddled

with an upfront payment allocation for eight years.



The body accepts that while it is attempting to sell the remaining lease

to the freeholder, the amount it is setting aside is greater than that

it could get in market rent. The sum has hit the strength of the IPR’s

balance sheet. Reserves were over pounds 500,000 at the end of 1998, but

had declined to pounds 200,000 by 1999.



IPR president Alison Clarke wrote to members and stressed that ’in the

Council’s view the true reserves of the IPR have not changed

significantly over the year’.



But one IPR member said: ’It is pounds 300,000 that now can’t be spent

on other things. To reduce the balance sheet by over pounds 300,000

seems rather odd.’



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