Purpose

9 & 10 Horsemarket is currently let to
Caffé Nero under a Company Voluntary Administration (CVA).
The tenant has opted to issue a S26 Notice under the Landlord and
Tenant Act 1954 requesting a new lease which will bring the CVA to
a close.

Decision

To renew the lease under the terms detailed in
the Executive Summary for the following reasons:-

1. The existing lease for 9 & 10 Horsemarket expired on 26th
May 2023
2. The new negotiated and agreed terms are reflective of the
current market
3. Caffe Nero is a reliable tenant and contributes to the vibrancy
of the town centre.
4. Keeping the premises occupied with a quality tenant generates an
income for the Council as well as eliminating any costs relating to
void property management.

Alternative options considered

The lease is a protected lease under the terms
of the Landlord & Tenant Act 1954 – as such the grounds
for refusal of a lease renewal are prescribed – and in
essence the Council would only be able to refuse if they planned to
occupy, demolish or siginificantly refurbish the premises –
which the Council has no appetite to do.