To receive and consider the report of the Director of Commercial Services (enclosed).

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

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