Decision details

Revision in rent of the Lease dated 9/1/89 of 35 Moorfield Road, Slyfield Industrial Estate leased to Springfield Light Metal & Motor Works Limited.

Decision Maker: 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 Chamoss International Limited.

In accordance with the 2nd Schedule of the lease, the annual passing rent of £18,000 has been reviewed as at 9/1/24 and it is proposed to increase it to £22,500.

The increase in rent is in line with ongoing market evidence and has been agreed after a period of negotiation. Our consultant recommends the matter is concluded on this basis.

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

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

Reasons for the decision:

In accordance with good estate management practice having regard to the terms of the lease.

Alternative options considered:

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

Source of Authority to take Decision:

Council’s 15/5/2024 Constitution Part 3, Page 3-63 Para 4(a), Executive Head: Assets and Property in relation to the Council’s land and premises leased or licenced to others and in consultation with the appropriate lead Councillor and relevant Director:

To approve revisions in rent

Publication date: 06/06/2024

Date of decision: 05/06/2024