Decision

That it be DETERMINED that the Council accepts a surrender of the lease previously granted in respect of 23 Market Street and simultaneously grant a new lease for a term of 99 years (i.e. surrender and renewal) as set out in the Heads of terms at Appendix 2 and in summary:

a.   the rental received by the Council would increase from a fixed ground rent of £130.55pa to an RPI linked £1,300pa, thus the Council would benefit from rental growth throughout the lease term; and

b.   the tenant would pay the Council’s legal and surveyor fees.  The fees have been agreed at £1,250 in total (£900 legal and £350 surveyors fees).

Reasons for the decision

The Council have been approached by the existing tenant of the subject property, seeking a surrender and renewal of their existing lease.