Decision Maker: Portfolio Holder for Resources and Reputation
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
To seek approval to agree a new 3 year lease
at 11 Hazelford Way, Newstead, NG15 0DQ (the Property)
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.
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.
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
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