Decision details

Grant of a lease - Unit 3, Flat Iron Parade, Market Walk

Decision Maker: Executive Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decisions:

Councillor Peter Wilson, Executive Member (Resources), presented the confidential report of the Director of Commercial Services which seeks authorisation for the surrender of the existing lease and grant of a new lease of the premises which have been provisionally agreed recently.

 

Decision:

That the terms provisionally agreed are approved and the Director of Governance be authorised to complete the legal formalities.

 

Reasons for recommendation(s):

1.    The current occupier is a longstanding tenant of the Council and have indicated their intention to continue the operation of their business in this location in the long term and have agreed to a number of additional terms to the Council’s benefit.

2.    This is a rent increase contra to many of the Centre’s other tenants seeking reduction of rent and provides useful evidence in other negotiations

 

Alternative options considered and rejected:

1.    Not to offer terms for renewal and to seek repossession at the expiry of the Lease and advertise.

2.    In this instance costs would be incurred and a void whilst the letting is advertised, and the legal matters completed

3.    Current policy in the management of the Centre is avoid vacancies wherever possible and maintain a strong income stream

Report author: Michael Forster

Publication date: 21/06/2021

Date of decision: 17/06/2021

Decided at meeting: 17/06/2021 - Executive Cabinet

Effective from: 26/06/2021

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