Decision details

Grant Contracted-Out Lease of the land and buildings known as Guildford Auction Rooms, Bedford Road, Guildford, GU1 4SJ

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 renewal of the lease of Guildford Auction Rooms to Wellers Fine Art Limited from 11th May 2024 in line with the following terms and conditions:

For the grant of a new lease the rent will be £23,500 per annum compared with the rent under the previous lease of £15,000 per annum, 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 fire insurance premium is chargeable to the tenant.

The agreed term is 10 years with a mid-term mutual option to break.

The rent will be payable quarterly in advance and subject to an uplift with reference to the Retail Prices Index with effect from the 5th year of the term.

The lease will be granted on similar terms to the existing lease with minor modifications. The tenant is to be responsible for keeping the premises wind and watertight, and internal decoration.

Reasons for the decision:

To receive a rental income, and to maintain occupation of the premises.

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 31/1/2024 Constitution Part 3, Page 3-62 Para 3(a).

Publication date: 17/04/2024

Date of decision: 17/04/2024