Decision

To approve the grant a new lease of an office building, known as New House (converted warehouse) to The Boiler Room (Guildford) Ltd
in line with the following terms and conditions:
1.5-year term
2.Outside of 1954 Landlord & Tenant Act
3.Rent of £30,000 per annum
4.Rolling mutual break option after year 2 at any time with six months written notice
5.All other terms as per the previous lease
Additional information
The tenant, The Boiler Room (Guildford) Ltd,
currently occupies the property on a tenancy at will basis which reflects the terms of their previous lease which expired on 30th September 2025. The current rent payable by the tenant is £26,175 per annum.
The proposed rent of £30,000 per annum was assessed by an independent external valuation report carried out by Citicentric, dated 24th November 2025. The valuation reflected the lack of parking to the demise and the proposed onerous lease terms, being the rolling break option that could be activated at anytime after the initial 12 months, thereby reducing the tenant’s term certain.
If you have any queries, then please contact Alex Hill who will be happy to provide further information.

Reasons for the decision

The proposed lease secures the income producing future of the property for at least the next 30 months. The tenant also provides a valuable community benefit with services focusing on the Arts & Crafts community in Guildford.

Alternative options considered

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