Issue - meetings

Councillor J. McIlroy

To consider an exempt report in relation to a new letting in relation to  Property ‘K’.

Reason for exemption

This report contains exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to information) (Variation) Order 2006:

Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information) and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information because if potential tenants were aware that the Council publish commercial information prior to leases being completed, they would be dissuaded from transacting with the authority and this may put the authority at a disadvantage in securing tenants for its properties.

(Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information)

The Property and Investment Committee considered an exempt report on property letting ‘K’.

Councillor J. McIlroy, portfolio holder for asset management outlined the proposed terms of the lease and responded to questions on the risks and benefits associated with it.

Alternative options considered and rejected by the Committee:

·         Not to agree the new letting

Resolved to approve the lease on the terms set out in the exempt report in relation to property letting ‘K’.

Reason for Decision:

The property is currently vacant and incurring void costs.  The proposed letting is to a good quality tenant for a minimum of term of seven years.  The terms of the letting are in line with the current valuation and prevailing market conditions.