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 a new lease and a lease renewal with an existing tenant at 66 High Street

Reasons for the decision

The terms of the lease renewal are in line with the market. 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
Disbenefit - Not renewing results in loss of income and void holding cost

Not to proceed with the letting:
Benefit - None
Disbenefit - Not completing the letting will result in loss of income and continued holding costs as well as the risk that the tenant would not proceed with a lease renewal of their existing lease.