Decision details

To approve the grant of a Contracted- Out lease of Unit B5 at Moorfield Point to Sheerwater Glass Limited on the following terms:

Term: 15 Years
Use: Light industrial/warehouse with trade counter
Rent: £41,229 p.a. (payable quarterly in advance)
Rent Free: Upon lease completion, the tenant will benefit from 10 months at half rent. The tenant shall also benefit from an additional 2 months rent free should the tenant not operate their option to determine the lease in the 5th Year.
Rent reviews: upward only market rent review at the end of the 5th and 10th Year
Breaks: Tenant-Only end of years 5 & 10 subject to 6 months written notice in advance.
Assignment/Subletting: permitted of whole only subject to AGA.
Deposit: 3 months rent plus sum equivalent to VAT

This decision is made in accordance with the Council’s General Disposal Consent powers. This letting provides the best consideration reasonably obtainable.

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

In order to secure a commercial letting of the property and receive the rental income.

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

Council’s 21/07/2023 Constitution Part 3, Page 3-65 Para 3(a), Executive Head: Assets and Property in consultation with the appropriate lead councillor and subject to being satisfied that the Council will receive the best consideration reasonably obtainable:

Subject to consultation with the Chief Finance Officer when the annual rent or premium exceeds £199,999, to accept terms for the granting, renewing, reviewing and varying of leases of Council owned land and property held in the General Fund