81 Surrender of Existing Lease and Grant of a New Lease - Unit 31-33 Market Walk - Peacocks Stores Limited
To receive and consider the report of the Director of Commercial Services.
Decision:
1. The terms reported for the grant of a 5- year lease to Peacocks Stores Properties Limited (13324423) be approved.
2. Authority be granted to issue instructions to the Director of Governance to complete the legal formalities.
Minutes:
Councillor Peter Wilson, Executive Member (Resources) presented the confidential report of the Director of Commercial Services which seeks Member approval to the terms provisionally agreed by the Council’s Consultant Surveyor for the surrender and renewal of the lease of unit 31-33 Market Walk to Peacocks Stores Properties Ltd., who have been holding over on the original lease term which expired on the 31 December 2020. It also seeks authorisation for the Council’s Legal Officers to draw up the necessary lease documentation as per the approved Heads of Terms.
Decision:
1. The terms reported for the grant of a 5- year lease to Peacocks Stores Properties Limited (13324423) be approved.
2. Authority be granted to issue instructions to the Director of Governance to complete the legal formalities.
Reasons for recommendations:
The grant of a new lease will allow for continuity of trade and receipt of rental income by the Council.
Other options considered and rejected:
Should the recommendations not be approved, the Unit would be vacated and the Council would be responsible for seeking a new occupier. In doing so the Unit may be vacant for some time whilst a new occupier is sought, losing rental income an incurring associated cost of advertising, officer time and other liabilities associated with the management and maintenance of a vacant property.