Decision details

The Committee considered a lease renewal for a unit in the Elmsleigh Centre.

The Principal Asset Manager summarised the terms of the lease as well as the financial risks and benefits of approving the lease renewal versus re-letting the space.

The Sub-Committee noted the tenant was beneficial to keep in the centre and was appreciated by residents.

The Sub-Committee resolved to:

1.    Approve the lease renewal in the Elmsleigh Shopping Centre in accordance with the Heads of Terms set out in Appendix 1;

2.    Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree to any variations to the proposed terms; and

3.    Authorise the Group Head of Corporate Governance to enter into the Lease and any associated legal documentation.