Decision details
Lease Renewal at Sutton Street Depot, 6 Sutton Street, London, E1 0AY
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
Purpose:
Authority is sought to grant a lease renewal
to the existing tenant at a rental level which exceeds the
delegated thresholds. At the same time Council liabilities will be
waived, arrears resolved and a schedule of works
undertaken.
Decision:
Pre-Decision Scrutiny Questions and officer responses were noted.
DECISION
1. To grant a new 3-year lease, excluding security of tenure, to the existing occupier of 6 Sutton Street at a rent of £125,000 per annum, subject to an initial 12 month rent free period.
2. To approve the repayment of £80,000 in arrears by virtue of an up-front payment of £40,000 with the balance payable after 3 months after completion of the lease.
3. To agree a Schedule of Works with the tenant to be appended to the lease and to be completed within 6-months of completion. These works are appended at Appendix 1 to the report.
Action by:
CORPORATE DIRECTOR, PLACE (A. SUTCLIFFE)
(Interim Head of Asset Management (S. Shapiro)
Report author: Nicole Layton
Publication date: 24/09/2021
Date of decision: 22/09/2021
Decided at meeting: 22/09/2021 - Cabinet
Effective from: 02/10/2021
Accompanying Documents:
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