Surrender and Renewal - 23 Market Street, Hyde
December 20, 2023 Executive Member (Finance & Resources) (Cabinet member) Approved View on council websiteThis summary is generated by AI from the council’s published record and supporting documents. Check the full council record and source link before relying on it.
Summary
...to accept the surrender of the existing lease for 23 Market Street, Hyde, and simultaneously grant a new 99-year lease with an increased, RPI-linked rental income and the tenant covering the Council's legal and surveyor fees.
Full council record
Content
That it be DETERMINED that the Council accepts a
surrender of the lease previously granted in respect of 23 Market
Street and simultaneously grant a new lease for a term of 99 years
(i.e. surrender and renewal) as set out in the Heads of terms at
Appendix 2 and in summary:
a.
the rental received by the Council would increase
from a fixed ground rent of £130.55pa to an RPI linked
£1,300pa, thus the Council would benefit from rental growth
throughout the lease term; and
b.
the tenant would pay the Council’s legal and
surveyor fees. The fees have been
agreed at £1,250 in total (£900 legal and £350
surveyors fees).
Supporting Documents
Details
| Outcome | Recommendations Approved |
| Decision date | 20 Dec 2023 |