Decision details

Delegated authority to enter into lease agreements value for set amount, Topsham

Decision Maker: Director Net Zero Exeter & City Management

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

Delegated authority to enter into lease agreements value for set amount, Topsham

Reasons for the decision:

To grant an option to renew existing lease up expiry in 2030 for a term of 25 years subject to 5 yearly open market rent reviews. The tenant wish to make an investment to improve the property, but to secure finance to do this they require a longer term certainty of continued occupation.

Alternative options considered:

Surrender and renewal for a longer term was considered but this had stamp duty implications.

Publication date: 22/07/2019

Date of decision: 22/07/2019