TNAG-2660-FCO40-3856-Future-of-Hong-Kong-British-Consulate-General-1992 — Page 74

UNCLASSIFIED

FM BTC HONG KONG TO PRIORITY FCO

TELNO ACCOM 06

OF 020755Z JUNE 92

UNCLASSIFIED

75

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FOR FRANCIS

FROM JARVIS

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1.

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PARAGRAPH 4 OF THE THIRD SCHEDULE TO THE TENANCY AGREEMENT FOR THIS PROPERTY DETAILS THE REQUIREMENTS FOR TAKING UP THE OPTION TO RENEW. THE FIRST THREE YEARS OF THE LEASE ARE NOW ALMOST UP. SWIRES HAVE INDICATED THAT THEIR ASSESSMENT OF THE RENT FOR THE NEXT 36 MONTH PERIOD OF THE TERM IS HK DOLLARS 170,000 PER MONTH INCLUSIVE OF MANAGEMENT FEES.

2. THIS REPRESENTS A 21PERCENT INCREASE OVER THE THREE YEAR PERIOD SINCE THE LEASE WAS FIRST TAKEN ON. IT IS CONSIDERED IN LINE WITH THE WAY RENTS HAVE GONE OVER THE LAST THREE YEARS AND IS NOT DISSIMILAR WITH THE COST OF THE PENTHOUSE IN THE NEW DYNASTY COURT COMPLEX,

GIVEN THE SIZE DIFFERENCES.

3. I HAVE BEEN ASKED FOR A REPLY WITHIN 21 DAYS.

DAY

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MAIN

SINGLE COPIES

HKD

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DISTRIBUTION

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HKD 406/1

04 JUN 1992

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PAGE

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