Decision details

Purpose: To seek approval to grant a new lease for premises at 5/5a Beechwood Road, Arnold, NG5 8BA to Mr Amrish Patel.

It is recommended that the Leader:
1.Approves the granting of a new lease to Mr Patel for premises at 5/5a Beechwood Road, shown edged red on the Plan at Appendix 1.
2.Approves the Heads of Terms at Appendix 2.
3.Delegates authority to the Service Manager - Property, in consultation with the Director of Operations and Legal Services to negotiate and approve the form of the lease and agreement for lease.

The new lease will allow the Tenant to continue occupation under an agreement that follows up to date legal practice.
New letting would see increased income to the Council.

An alternative would be to not agree a new lease for the current tenant and to market the space externally. However, the Tenant has been a good tenant for multiple years, and this would incur additional costs to the Council in relation to marketing and void costs, should they vacate.
Another alternative is not to grant a new Lease and the Tenant remain in occupation. However, this would prevent the lease being agreed at current market levels causing a loss of income to the Council. The Tenant will also obtain ongoing security of tenure if the current position persists making it harder to renegotiate a lease renewal in the future.