1. The Maylord Orchards Centre is owned outright by the council as a strategic asset in the centre of Hereford.
2. The Shopping Centre comprises multiple retail units some of which have been vacant for some time and it is important that occupation levels are maximised so that the holding costs incurred by the Council are mitigated and the vitality of the centre improves.
3. The granting of a new lease to the existing tenant will mitigate costs in terms of standing charges that the council will otherwise pay if vacated, and will ensure a revenue income stream is maintained.
4. The terms for the letting have been negotiated and recommended by the council’s letting agent Wright Silverwood.
5. The terms agreed are for a lease of 5 years with the tenant to be responsible for payment of Landlord Service Charge, business rates, utilities and internal repairs.
6. The tenancy proposed at the Shopping Centre will not prohibit the council from undertaking development at a future date.