Decision details

To approve the grant of the lease of the First Floor Floor office unit at Building 2, The Billings, Walnut Tree Close, Guildford GU1 4UL to Overdrive Digital Limited in line with the following terms and conditions:

The lease to be granted for a term of 5 years commencing 13th October 2021. The lease will contain a Tenant only option to break to determine the lease on the second and fourth anniversaries of the term, on giving not less than six months prior written notice.

The rent will be £44,644 pa. The rent will be payable quarterly in advance and exclusive of service charge, insurance rent, business rates and VAT.

The tenant will be granted an initial rent free period of two months from the date of the lease commencement. If the Tenant does not operate the first Option to Determine the lease (i.e. On the second anniversary of the Term), they will be granted a further two months’ rent free commencing on the second anniversary of the term.

The lease is to be granted on full repairing and insuring terms with the Tenant having direct responsibility for the maintenance and upkeep or their demise and indirect responsibility by way of a service charge for maintenance and upkeep of the building. The external repairs and maintenance element of the service charge only is to be capped at £1,450 plus VAT subject to annual increases in line with RPI.

The tenant is to provide 6 months’ rent plus a sum equal to VAT as a security deposit.

If you have any queries, then please contact Faye Gunner who will be happy to provide further information.

To grant a new lease.

The decision meets the statutory / policy requirements for the Council and there were no alternative options available