Decision details

Revision in rent of the Lease dated 25th March 2014 of the Transformer Chamber at Foxenden Quarry, York Road, Guildford leased to South Eastern Power Networks plc.

Decision Maker: Joint Assistant Director: Assets and Property

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

To approve the reviewed rent of the above property leased to South Eastern Power Networks plc (UKPN).

In accordance with the provisions of clause 5 of the lease dated 25 March 2014, the passing rent of £392pa has been reviewed, and it is proposed to increase it to £520pa with effect from 1st January 2024.

The rent is to be increased at 5 yearly intervals with reference to the Retail Price Index (RPI). The RPI calculation is to be carried out at the end of the year 2023 to establish the amount of rent payable with effect from the 1st January 2024.

A memorandum will be endorsed on the lease recording this review.

Reasons for the decision:

To achieve an increase in the rent in accordance with the rent review provisions of the lease.

Alternative options considered:

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

Source of Authority to take Decision:

Council’s 21/7/2023 Constitution Part 3, Page 3-65 Para 4(a).

Publication date: 31/01/2024

Date of decision: 30/01/2024