Decision

RESOLVED that:

A     The council grant a new commercial lease of Unit 1C Modus on the headline terms set out in Exempt Appendix A to this report.

B     Authority is delegated to the Director of Facilities & Assets to:

i)      Agree minor variations to the headline terms set out in Appendix A, providing always that the Director for Facilities & Assets is satisfied that the lease terms are appropriate and at or better than market value; and

ii)     To procure the legal completion of the new lease.

Reasons for the decision

The proposal is consistent with the Building Harlow’s Future mission to ‘secure our future’ by attracting and enabling inward investment into Harlow.

To generate an ongoing rental income stream to support the council’s Medium Term Financial Plan and to comply with the council’s statutory and common law fiduciary duty to get the best value from its property assets.

To mitigate the council’s exposure to void property holding costs and to secure the ongoing use and occupation of Unit 1CModus, which might otherwise become a blight on the area.

Alternative options considered

The council could leave the Property vacant, however that isn’t recommended because it would represent a missed opportunity to generate an income stream and secure the beneficial re-use of the Property.