Decision details

Decision:

Approve a decrease in the annual rent from £64,907 per annum to £52,231 per annum with effect from the rent review date of 16 January 2024.

Reason(s):

The proposed rent review settlement secures the rent at a level in line with market conditions as at the rent review date and therefore represents best consideration. The rental income will continue to contribute to the total annual rental income stream for the Council.

Other options considered and rejected by the Executive:

To refer the matter to a third-party independent surveyor on application to the RICS Dispute Resolution service as set out within the terms of the lease in the event the parties are unable to reach a negotiated settlement. The application has already been made and the appointed Arbitrator remains on standby, pending further direction from the parties.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.