The Geological Society announces the agreement of a 999 year lease ending uncertainty about its occupancy of its London premises
8 March 2024
The Geological Society announces the agreement of a 999 year lease ending uncertainty about its occupancy of its London premises
The Geological Society has agreed with our landlord, HM Government, to purchase a 999 year lease for our premises at Burlington House in Piccadilly, London.
This new arrangement was negotiated in partnership with our neighbours the Royal Society of Chemistry, the Royal Astronomical Society, the Linnean Society and the Society of Antiquaries.
The Geological Society will pay £5.5 million in instalments over ten years. This will be paid from existing reserve funds. We will retain a healthy level of reserves throughout the ten-year period, after which there will be no further lease payments and we will occupy the premises rent free.
This is an important development because it provides security to our occupancy of our London site. The rent has risen steeply, and it would have been unsustainable to remain at the property in the long run without this change to the leasehold arrangement.
Our governing Council, along with our Finance & Planning Committee, carefully researched and considered various options including relocating to new premises or remaining under the previous lease. We concluded that staying at Burlington House on the new terms agreed was the best option for the long-term interests of the Society and those it serves.
Thousands of people visit Burlington House every year to attend conferences, meetings, public events and exhibitions, to use the library and to view our collections. Security of tenure will enable us to make the building more welcoming and accessible as well as more environmentally sustainable. It also enables us to move forward and focus on our charitable and strategic goals, investing in growth, and conducting activities across the whole of the UK. and beyond.
We would like to thank those who have supported the Geological Society in pursuing this matter, including Fellows, friends, and those in Parliament and government who have made such efforts to reach a positive outcome. We look forward to welcoming many more thousands of visitors to Burlington House over the coming decades, and continuing to provide a base for geoscience to thrive.
Ruth Allington
President, Geological Society
8 March 2024
If you have any further questions, please get in touch via [email protected] or visit our Burlington House FAQs page