That a new thirty year lease for Torquay Recreational Ground Kiosks (as edged red in the submitted plan (Appendix 1)) be granted to the lease set out in Exempt Appendix 2.

The premises have been vacant for several years and fallen into a state of disrepair.  The proposed leasee is going to repair and keep the premises in good and substantial condition.  This not only provides a rental income, but also alleviates the responsibility and cost of these premises from the Council.

The Council may choose not to grant this lease, however this would result in the Council baring the financial responsibility of repairing these premises whilst also receiving no rental income.

The lease is to be documented by Legal services and implemented upon completion.

Terms of the new lease are in negotiation.  The term of 30 years alleviates the Councils repairing responsibility for the future.  To protect the Council’s interest we have implemented a recurrent 5 year break clause.  We have also agreed what is considered a market rent in this situation, and will conduct a rent review every 5 years throughout the Term.

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