Decisions

(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.

(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 ‘J’.

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

Alternative options considered and rejected by the Committee:

·         Not to agree the new letting

The Committee was advised that it had the authority to make a decision on this matter and did not need to recommend it to Cabinet as stated in the report.

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

Reason for Decision:

To secure a stable retail occupier in this key location, a retailer that will contribute to footfall and therefore to income for the Elmsleigh Centre and the High Street,  through this anticipated period of post-pandemic recovery and beyond.