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To approve the reviewed rent of the above
property leased in by the Council as Tenant over the subject land
sited at the Artington Park & Ride.
In accordance with Schedule 3, Part 1 – Rent Review
Provisions clause 2 of the lease, the annual passing rent of
£83,193.64 has been reviewed as at 1 July 2022 and it is
proposed to increase to £90,995.45.
The lease dated 5 November 2007 sets out 5 yearly rent reviews
equal to the greater of either the current rent passing; the Retail
Price Index Rent; or the Car Parking Charges Rent. The latter is
calculated by taking the price payable for parking one car at the
Car Parks (Farnham Road, York Road and Bedford Road) during the
Peak Hour (between 10am and 11am Monday to Friday).
The Car Parking Charges Rent is the higher of all three methods and
is therefore the revised rent as at the Rent Review Date on the 1
July 2022.
A memorandum will be endorsed on the lease recording this
review.
If you have any queries, then please contact Francesca Kosh or Mark
Appleton who will be happy to provide further information.