Decision to lease units 4 & 5 Three Elms Trading Estate to Third Eye Brew Company
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 County
Plan 2020 – 2024.
2. In 2022 the council appointed Messrs Bruton Knowles LLP, Chartered Surveyors (BK) under a contract for the marketing of vacant units across the industrial portfolio and the associated negotiation of new leases with potential new Tenants.
3. Accordingly BK were instructed to market units 4 & 5 Three Elms Trading Estate and to negotiate the terms of a new lease.
4. BK have inspected the properties, and reviewed the level of market rents achievable in this location and made justified recommendations on the terms of the lease and the level of rent to be negotiated
5. Provisional agreement, subject to formal approval, has been reached with the proposed Tenant for a new lease.
Decision type: Non-key
Decision status: Recommendations Approved
Notice of proposed decision first published: 25/05/2023
Decision due: 18 May 2023 by Acting Head of Property
Contact: Sarah Jowett, Strategic Assets Delivery Director Email: Sarah.Jowett@herefordshire.gov.uk Tel: 01432 383302.