Decision

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 agree the renewal of the lease for a unit at Friars Square Shopping Centre

Reasons for the decision

This report seeks approval for the renewal of the lease for unit 5/6 in Friars Square Shopping Centre. Renewal of the lease avoids a significant void in the Centre, mitigates potential holding costs, and contributes positively to the Centre’s retail mix and financial performance. The proposed lease renewal 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.

Alternative options considered

Not to renew:
Benefit: - none identified
Disbenefit - Not renewing risks vacancy and holding costs post-expiry.