To approve the grant a new leases, licences, tenancies and other legal agreements in respect of various properties held within the council’s commercial property portfolio as identified in Schedule 1 to existing occupiers on terms recommended by the council’s appointed agents
1. The properties are owned by the council as part of its property investment portfolio held to deliver optimum commercial returns through rental income which is used to support the council’s strategic objectives in line with the Council Plan 2024-2028.
2. The council has awarded contracts in consultation with the procurement team and in line with the council’s procurement rules for the provision of estates professional services including lease renewals and the negotiation of new leases where properties were occupied under Tenancies at Will or Licences.
3. The appointed agents were instructed to negotiate the terms of a new lease with the existing occupier.
4. The agents have surveyed the properties, reviewed the level of market rents achievable in this location and made justified recommendations on the terms of the agreements and the level of rent achievable.
5. Provisional agreement, subject to formal approval, has been reached with the current occupiers.
6. A Tenancy at Will is necessary to enable the tenant to remain in occupation while a new lease is finalised.