This meeting was to allow the Director of Corporate Resources at Newham Council to make a decision about a new commercial lease at their offices in Building 1000, Dockside Road, London E16 2QU.

Grant of a new commercial lease for 3rd Floor East, Building 1000 Dockside Road, London E16 2QU (the Property) to TeamCo

A report, 3rd Floor East 1000 Dockside - KD final 21 01 2025, was provided to the attendees of this meeting that included details of a proposal for the Director of Corporate Resources to approve the granting of a new lease for the 3rd Floor East at the council's offices at Building 1000 Dockside Road.

Since 2020 the council have been letting out floors of the East Wing of the building, but despite a marketing campaign the third floor has remained empty.

It was proposed that the lease be granted to TeamCo for a five year term. The lease would have included 24 parking spaces, and would have generated £1,355,340 in revenue.

The report argues that:

The proposed tenancy will generate income, mitigate ongoing void costs, and generate additional revenue.

The report notes that the alternative options to letting the floor to TeamCo were considered and rejected. The other options considered were to: decline the letting, wait for a tenant offering a higher rent, negotiate a higher rent from TeamCo, partner with a co-working company, subdivide the floor into smaller offices, or let the space to charities.