Decision details

New Letting of 11 Hazelford Way, Newstead

Reference: D1057

Decision Maker: Portfolio Holder for Resources and Reputation

Decision status: For Determination

Is Key decision?: No

Is subject to call in?: No

Purpose:

To seek approval to agree a new 3 year lease at 11 Hazelford Way, Newstead, NG15 0DQ (the Property)

Decision:

THAT:
1)Approval is given to lease the Property to a business tenant for a 3 year term.
2)Delegation is given to the Assistant Director – Planning and Regeneration in consultation with the Director of Organisational Development and Democratic Services to agree the final Heads of Terms of the lease.

Reasons for the decision:

To let the Property to a business tenant to generate annual income.
The letting would provide a new headquarters for a business relocating into the Borough.
To comply with the constitution.

Alternative options considered:

One option would be to not to let the Property to the Tenant however, this would mean that the Council could incur costs in relation to Business Rates and utilities and it would also mean the that the Council would lose out on rental income. In addition an opportunity to bring additional jobs to Newstead could be lost.
Another option would be to continue to market the Property with a view to achieving a lease term longer than the 3 years which have been agreed. In the current climate it is common to see 3 year terms being agreed in the market. Consequently continuing to market the Property could result in it remaining empty for a longer period with no guarantee of a longer term being achieved.

Publication date: 06/10/2020

Date of decision: 06/10/2020

Accompanying Documents: