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Yvonne Arnaud Theatre Management Ltd. (YATM) held a lease of this
property which expired on 24th July 2021. Since that date they have
occupied the property under a tenancy at will while the lease
renewal process takes place.

Their set design department had previously occupied the property,
but this was incorporated as a separate Ltd. Company in May 2021,
Bower Wood Production Services Ltd.

Bower Wood occupied the property without a sub-lease agreement in
place with Yvonne Arnaud. Terms could not be agreed for this
sub-lease and so YATM chose to not to renew its lease and allow the
Council to grant a lease directly to Bower Wood.

Therefore it is proposed that Bower Wood Production Services is
granted a Tenancy at Will for 5 The Billings.

Terms will then be negotiated to contract a new lease of the
property to Bower Wood (to be authorised under a separate
DA).

This Tenancy at Will shall contract a rent of £21,000 p.a.
(the same rent as being received currently from YATM). The change
over in rent payment will be on the 25th March 2024 (the March
quarter date) for ease of invoicing and administration.

The Council will have the ability to terminate this tenancy at will
at any point and take back the property for re-marketing if
necessary.

If you have any queries, then please contact George Musgrave, who
can provide further information.