Content

To approve the surrender of an existing right
to use 26 parking spaces at 255 High Street (Connaught House) for
contract parking and the simultaneous enter into a long lease from
Connaught House Holdings Ltd to Guildford Borough Council for the
ground floor car park and sublease back to Connaught House Holdings
Ltd.
The long lease to Guildford Borough Council will be subject to the
following main terms:

1. To be leased to the Council for a term of 999 years for use as a
car park for parking private motor vehicles.

2. Rent of £1pa (if demanded)

3. Start date – Day of completion.

4. The Council may assign or sublet the whole of the premises with
the consent of the landlord.

5. The Council will be responsible for undertaking internal repairs
to the premises.

6. The Council will be responsible for any rates and other
outgoings attributable to the use of the premises.

7. The landlord will pay the Council’s professional
fees.

8. The Council will be responsible for keeping the Demised Premises
in good and substantial repair and condition. The Demised Premises
are the internal parts of the ground floor car park and below is a
list of what is included and excluded from the definition of
Demised Premises.
The Council will be responsible for repairing any conducting media,
apparatus, fixture and fittings and machinery within and
exclusively serving the Demised Premises. The Council would be
responsible for ducting within and exclusively serving the Demised
Premises. The Landlord will be repairing the parts of the building
not within the Demised Premise’s and charge back the cost of
such repairs through the service charge.

Damage by insured and uninsured risk as well as damage arising due
to an inherent defect (i.e. a defect in design, material,
workmanship or supervision of contractors or site preparation
works) is excluded from the Council’s repairing
obligation.

The underlease back to Connaught House Holdings Ltd will be subject
to the following main terms:

1. A term of 99 years for parking private motor vehicles belonging
to its tenants of the office and retail space at 255 High
Street.

2. Rent of £100,000pa to be payable, subject to 5 yearly
reviews in line with RPI increases (with a cap of 4% and a collar
of 2%).

3. Start date upon completion of the building being extended and
refurbished, subject to agreement.

4. The undertenant may assign the whole of the underlease upon the
sale of its interest in the rest of the building with the consent
of the Council.

5. The undertenant is responsible for internal repairs.

6. The undertenant will be responsible for paying rates and other
outgoings. Outgoings would include business rates and cost of
utilities used and it would include lighting used at the Demised
Premises.

7. The underlease will contain tenant only break options at 20 year
internals, operable of six months prior written notice.

Outgoings are defined as “all non-domestic rates, water
rates, water charges and all existing and future rates, taxes,
charges, assessments, impositions and outgoings (whether
parliamentary, municipal, parochial or otherwise) which are now or
may at any time during the Term be payable, charged or assessed on
the Demised Premises or occupier of property, but
“taxes” in this context does not include value added
tax, nor any taxes imposed on the Landlord in respect of the yearly
rent reserved by this Lease or in respect of a disposal of the
reversionary interest in the Demised Premises”.