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To approve the reviewed rent of the above
property leased to ReAssure Limited.

In accordance with Schedule 5 of the lease, the annual passing rent
of £550,000 has been reviewed as at 24/01/2023 and it is
proposed to it will remain the same.

The Minimum Guaranteed Rent is above the rent received from the
headlease over the period 01/01/2019 - 31/12/2022 (deleting any bad
debt provisions). The amount of rent to be assessed is geared to
15% of 99% of the rent received and is upwards only. GBC employed
external valuers Owen Isherwood Chartered Surveyors due to the
complexity of the review and have been advised that a Nil Increase
was due.

The scope to increase the guaranteed minimum rent was also
considered but found there was no scope to increase the level due
to the tough market conditions during the global pandemic, the
market is yet to recover. The rent is next to be reviewed on
24/01/2028.

A memorandum will be endorsed on the lease recording this
review.

If you have any queries, then please contact Faye Gunner who will
be happy to provide further information.