Purpose

To agree to the uplift in annual rent following open market rent review, as per the provision(s) of the lease.

Decision

To grant approval for the Rent Review to be enacted.

Reasons for the decision

An open market rent review is permitted 3-yearly on the anniversary of lease commencement. Before this is enacted, approval is required to approve the new rental figure agreed.

Alternative options considered

Not to enact the uplift however this will lead to a drop in income. Another alternative is to push for a higher uplift, however recent lettings suggest the figure agreed is acceptable within the current market. A push for more rent could invariably lead to a vacancy with associated void costs as a result.