Recommendations approved.
Reasons for recommendations:
Following negotiations between the parties the proposed terms have been provisionally agreed by the Council’s Retail Consultants and reflect current market conditions within the Market Walk Centre in line with other leases which have been recently agreed/completed.
Other options considered and rejected:
1. Termination of the lease and remarketing of the units.
2. This was rejected on the grounds of potential loss of income and creation of voids and gaps of occupation in the Centre which would reduce footfall and detract from the marketability of other units and the value of the Centre. Also the tenant has been trading successfully from this unit since 2005 and is regarded as less of a risk than bringing in a new “unknown” tenant.