Decision

Exemption from publication: There are confidential appendices to this report, which are exempt by virtue of paragraph 3 of Schedule 12A of Part 1 of Schedule 12a of the Local Government Act 1972 because they contain information relating to the financial or business
affairs of any particular person (including the authority holding that information).

To grant a new lease at the property known at Unit 12, Lincoln Business Centre, High Wycombe HP12 3RD

Reasons for the decision

The property is currently vacant. It has been marketed for a period of 4months by our letting agents, Duncan Bailey Kennedy. The terms of the letting are in line with
the market. The proposed letting will generate a revenue to support delivery of the Council’s services and meeting the Council’s obligations under Section 123 of the Local Government Act 1972. The proposed Tenant has a good covenant strength and intends to use the property for storage and distribution of production technology/audio visual equipment for the film and TV industry. The Tenant will be providing a three-month rental deposit as security against
their tenure. Heads of Terms have now been agreed, this paper seeks approval to complete
the new lease

Alternative options considered

Leave the unit vacant and keep the property on the market. Whilst we may be able to achieve marginally better terms for the unit if we waited longer, given the length of time it has already been vacant, it is in the
Councils interest to get this unit let as soon as possible to stop the holding costs of: business rates, service charge shortfalls, utilities, insurance and ultimately a loss of income. The proposed tenant requires to complete the lease and take occupation as soon as possible.