Elmsleigh Lease Renewal
Report to follow
Additional documents:
Decision:
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.
Minutes:
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.