To surrender the tenancy at will and simultaneously complete a new lease to the Tenant for Unit 11, 67 Fleet Walk Shopping Centre, Torquay, as per the details set out in the exempt appendix.

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

Initial proposals by the Tenant were not recommended for approval and following a period of further consideration and 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 such commercial lease renewal transactions.

Immediately.

The Tenant currently occupies Unit 11, 67 Fleet Walk Shopping Centre, Torquay under a tenancy at will. Negotiations with the tenant have taken place and Heads of Terms are now in an agreeable form for a new lease for a number of years at Market Rent.

None.