Grant of a lease - Unit 3, Flat Iron Parade, Market Walk
To receive and consider the report of the Director of Commercial Services (enclosed).
Decision:
That the terms provisionally agreed are approved and the Director of Governance be authorised to complete the legal formalities.
Minutes:
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