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To approve the renewal of the lease of
Guildford Auction Rooms to Wellers Fine Art Limited from 11th May
2024 in line with the following terms and conditions:

For the grant of a new lease the rent will be £23,500 per
annum compared with the rent under the previous lease of
£15,000 per annum, which in accordance with the
Council’s General Disposal Consent powers, provides the
‘best consideration reasonably obtainable’ where the
proposed term exceeds seven (7) years.

The fire insurance premium is chargeable to the tenant.

The agreed term is 10 years with a mid-term mutual option to
break.

The rent will be payable quarterly in advance and subject to an
uplift with reference to the Retail Prices Index with effect from
the 5th year of the term.

The lease will be granted on similar terms to the existing lease
with minor modifications. The tenant is to be responsible for
keeping the premises wind and watertight, and internal
decoration.

Reasons for the decision

To receive a rental income, and to maintain
occupation of the premises.

Alternative options considered

The decision meets the statutory / policy
requirements for the Council and there were no alternative options
available.