Lease Renewal of Unit 8b Union Square, Torquay
PDF 190 KBDecision Maker: Director of Finance
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decision:
That the lease for Unit 8b Union Square, Torquay be renewed with the existing tenant namely, Peacocks Stores Properties Limited for an eighteen- month period.
Reasons for the decision:
The lease terms have been agreed in principle between the Council’s retained agent and Tenant direct on commercially acceptable terms.
Alternative options considered:
The Council may choose not to grant the lease of this property. However, this could result in the Tenant claiming further protection under the Landlord and Tenant Act 1954, which may hinder future development of the Shopping Centre.
Implementation:
The decision will be implemented immediately.
Information:
The Tenant, Peacocks Stores Properties Limited is currently occupying under a lease dated 2nd September 2022. The lease is coming to an end on 6th January 2025, to manage the property, the occupation needs to be documented by way of a lease renewal.
Interests and Nature of Interests Declared:
None
Publication date: 26/09/2024
Date of decision: 25/09/2024
Contact Governance Support
- Email: governance.support@torbay.gov.uk
- Tel: 01803 207087
- Fax: 01803 207112
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