Decision details

Grant a Protected Lease and a licence to alter of The Rock, 2 Thornberry Way, Slyfield Industrial Estate.

Decision Maker: Executive Head: Assets and Property

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decision:

To approve the grant of a lease of The Rock, 2 Thornberry Way, Slyfield Industrial Estate in line with the following terms and conditions:

Terms:
Lease Length = 15 years
Rent = £400,000 PA
Deposit = £200,000 – after the 3rd year 50% of the deposit may be returned provided the tenant has a satisfactory credit score and has paid all of their rent on time.
Rent Free = 6 months full rent free and 12 months half rent.
Break = Tenant break after year 10 of the lease. 6 months notice required.
Rent review = upward only every 5 years, capped at 15% increase over the 5 years.
Rent payable quarterly in advance.

Licence to Alter:
- New mezzanine at 1st floor level
- Additional mezzanine on the 2nd floor level
- Toilets on the ground floor

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

Reasons for the decision:

To grant a lease and licence to alter of The Rock, Thornberry Way, Slyfield Industrial Estate.

Alternative options considered:

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

Publication date: 20/09/2022

Date of decision: 15/09/2022

Effective from: 29/09/2022