Decision

That delegated authority be given to the Director of Finance, in consultation with the Cabinet Member for Place Development and Economic Growth, to negotiate and agree the detailed terms, including the market rent, of the first lease granted for each of the four units at Unit D, Westfield Business Park, Long Road, Paignton.

Reasons for the decision

The market rent for each individual unit was assessed by a RICS surveyor as being in excess of £50,000 per annum and, in accordance with the Council's Constitution, the granting of the leases required Cabinet approval. Delegating authority to the Director of Finance would enable lease terms to be agreed efficiently, avoiding delays in the letting process and the receipt of rental income by the Council.

Alternative options considered

The option of disposing of the units on a freehold basis was discounted as the Council wished to retain ownership and control of the premises, ensuring that they continued to support the development of the high-tech sector and local employment opportunities.

The option of not letting the units on a commercial basis was also discouted as this would increase void costs, delay revenue generation and reduce the overall financial benefits arising from the Council's investment in the property.