1. The current lease is contracted inside the Landlord & Tenant Act 1954 meaning that since their lease expired on 7th October 2022 they have been holding over on the previous lease terms.
2. The tenant’s wishes to take a new lease of the property on re-negotiated terms.
3. The Shopping centre comprises multiple retail units, some of which have been vacant for some time and it is important that occupation levels are maximized so that the holding costs incurred by the Council are mitigated.
4. The Council’s external agent for the centre Wright Silverwood has recommended the action.
5. The Terms agreed leave the Tenant responsible for payment of the rent, landlord Service Charge, business rates, insurance, utilities and internal repairs.