Purpose

To grant a renewed new lease as outlined in the attached Heads of Terms.

Decision

To seek approval to grant a new lease at the above to the existing tenant and additionally to agree to the assignment of those lease interests to a new business tenant.

Reasons for the decision

The tenant wishes to renew the lease as they are entitled to, and sell their business to another party. They have been open with GBC about these intentions to sell their limited company and we have seen details of the new business owner, who meets our basic requirements as a suitable tenant.
The rent under the renewed lease will be considerably higher than previously paid.

Alternative options considered

By not agreeing to this lease renewal request, the tenant still has a right to renew their lease through the statutory renewal process under the 1954 Act and it would incur the council in a lot of time and financial cost going through that statutory process in objecting to the proposal without a valid objection, under the Act there is no apparent valid reason to object.
By agreeing to the grant this renewal with the tenant it will be drawn outside of the landlord and tenant Act rather than our being forced to grant a protected tenancy if it went through the statutory renewal process.