Decision Maker: Joint Executive Head: Assets and Property
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To grant a new lease of Leys House, 86-88
Woodbridge Meadows, Guildford GU1 4QD.
The tenant is The Secretary of State for Levelling Up, Housing and Communities
You will recall that in January 2022 we sought your approval to serve a section 25 notice to include the terms for the grant of a new lease. Since that time, negotiations have progressed, and the terms have now been agreed, subject to your approval:
A new lease to be granted broadly on the same terms as the current lease with the following changes:
A new lease inside the Act for 9 years subject to tenant only breaks at years 3 and 6 on 9 months advance Notice and open market rent reviews every 3 years.
The rent is to be increased from £408,000pa to £481,796.50 which in accordance with the Council’s General Disposal Consent powers, provides the ‘best consideration reasonably obtainable’ where the proposed term exceeds seven (7) years.
The new agreed term is 9 years.
The rent will be payable quarterly in advance and subject to open market rent review every 4 years.
If you have any queries, then please contact the officer (details below) who will be happy to provide further information.
To renew a lease which has expired in order to
maximise investment criteria.
Proceed to court, but we do not believe a
better outcome would result than the terms now negotiated.
Therefore the decision meets the statutory / policy requirements for the Council.
Publication date: 23/11/2022
Date of decision: 26/10/2022
Effective from: 01/12/2022