Content

The Council’s tenant, South Eastern
Power Networks plc (SEPN plc), of the above property have requested
that they be granted a deed to allow the surrender of the
contracted-out lease dated 30th September 2021. The lease is to be
surrendered because the lease plan provided by SEPN plc was found
to be inaccurate by the Land Registry, and therefore, the Land
Registry would not register the lease.
To approve the grant of the new Contracted-Out Lease to SEPN plc of
the Substation at the Roundabout, London Road, Guildford GU1 1UB
from the date of completion in line with the following terms and
conditions:
For grant of a new lease the rent will be £670 per annum,
which in accordance with the Council’s General Disposal
Consent powers, provides the ‘best consideration reasonably
obtainable’ where the proposed term exceeds seven (7)
years.
The agreed term is 21 years.
The rent will be payable annually in advance on the 1st January or
as soon after the bank holiday as possible, and subject to an
uplift in line with the increase in the Retail Price Index with
effect from 30 September 2026 and every 5 years thereafter.
A new lease plan of the property has been accurately drafted from
the results of a measured site survey arranged by the Council. The
costs of the survey and the plan were reimbursed by SEPN plc. SEPN
plc have agreed to pay the Council’s legal and
surveyor’s fees in dealing with the surrender and
regrant.

Reasons for the decision

To ensure the accuracy of legal property
agreements as part of providing good estate management of the
Council’s property assets.

Alternative options considered

The decision meets the policy requirements for
the Council and there were no alternative options available