Charter Building Lease Renewal
Report to follow
Additional documents:
Decision:
The Sub-Committee resolved to:
1. Approve the terms of the proposed lease as set out in the report and agree the relevant legal documentation in accordance with the terms set out in the report; and
2. Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree any variations to the proposed terms; and
3. Authorise the Group Head of Corporate Governance to enter into the Lease and any associated documentation.
Minutes:
The Sub-Committee considered a proposed reversionary lease to a tenant in the Charter Building.
The Investment 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 benefit of keeping the tenant in the building.
The Sub-Committee resolved to:
1. Approve the terms of the proposed lease as set out in the report and agree the relevant legal documentation in accordance with the terms set out in the report; and
2. Authorise the Group Head of Assets in consultation with the Chair and Vice-Chair of the Commercial Assets Sub-Committee to agree any variations to the proposed terms; and
3. Authorise the Group Head of Corporate Governance to enter into the Lease and any associated documentation.