Decision - New Lease of Unit 23, 6 The Gallery, Fleet Walk Shopping Centre, Torquay

New Lease of Unit 23, 6 The Gallery, Fleet Walk Shopping Centre, Torquay

Decision Maker: Director of Finance

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

That a lease be granted to TSB Bank PLC, on the terms set out in exempt appendix 1.

Reasons for the decision:

The new lease terms have been agreed in principle between the Council’s retained retail agent and Tenant direct on commercially acceptable terms.

Alternative options considered:

Initial proposals by the Tenant for a banking “pod” in the common area was ultimately scrapped in favour of taking a retail unit and, following negotiations, a mutually acceptable position was reached between parties to the lease. It is agreed that each party pays their own legal costs as is the standard practice for a new lease transaction.

Implementation:

Immediately.

Information:

New lease of an upper-level retail unit to TSB Bank PLC.

Interests and Nature of Interests Declared:

None

Publication date: 03/10/2024

Date of decision: 30/09/2024

Accompanying Documents:

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