Purpose

Decision made to enter into a lease at 61-63 Austin Street Ipswich. The Council owns the freehold of this property and has granted a fifteen -year lease for the purpose of Class A2 Financial Services.

The Decision was taken for the following reasons:

•Opportunity to strategically manage the Council’s estate. The Council owns the freehold of the land. The area is designated as Housing Revenue property.

•The tenant has been in operation on the same site for fifteen years and is committed to continue and has invested in the site.

•A valuation was obtained confirming the rental value was Market Value with a three-yearly rent review cycle to allow for continued investment in the property. The rent is £13,000.00.

There were no alternative sites to consider.

There are no Crime & Disorder, Equality, Social Value in Contracts, HR, Legal, or ICT implications.

Decision

To enter into a lease at 61-63 Austin Street Ipswich. The Council owns the freehold of this property and has granted a fifteen year lease for the purpose of Class A2 Financial Services.

Reason:

•Opportunity to strategically manage the Council’s estate. The Council owns the freehold of the land. The area is designated as Housing Revenue property.

•The tenant has been in operation on the same site for fifteen years and is committed to continue and has invested in the site.

•A valuation was obtained confirming the rental value was Market Value with a three-yearly rent review cycle to allow for continued investment in the property. The rent is £13,000.00.