Thursday, March 23, 2006

Tories: To Move or Not to Move?

The Daily Telegraph Spy Column reports today (courtesy of ConservativeHome) that the Conservative Party is now in a position to sell 32 Smith Square, having tied up the freehold. I'm not sure that's the whole story. The lease on the Victoria Street building is up in March next year and from what I understand the landlord will only renew it if the Partry commits to taking the entire space it originally rented. Since the election one floor (the 4th, I think) has been closed down but the Party has been unable to sublet it. Bearing in mind the rent is £1 million a year, it's quite a drain on resources. The problem is that it is now too late to refurbish 32 Smith Square in time for the end of the lease on 25 Victoria Street. Someone has got a rather tricky decision to make, and quite quickly. Not a decision I envy, because whatever the decision is, a sizeable number of people will think it wrong.


Bob Piper said...

What... running out of people prepared to loan a few bob. Struth, these buggers move fast don't they.

Anonymous said...

Could always sublet to the Labour Party - though you may want to look into their covenant fairly closely!

neil craig said...

In the internet age what does a central London HQ do that couldn't be done from a cheaper location, even (shudder) in the provinces? If they were starting up now would they not just move out office work & come to an arrangement with a big hotel to regularly hire function space?