Issue - meetings

Property Cromer Promenade - Rent Review

 

 

Meeting: 08/07/2024 - Cabinet (Item 16)

16 Property Cromer Promenade - Rent Review pdf icon PDF 237 KB

Executive Summary

 

There is a rent review provision within the lease for a property on Cromer promenade which allows the Council to increase the rent to market value.

 

Officers have carried out a market assessment to determine the open market rent of the property as set out in the exempt appendix. The proposed rental level is therefore considered to achieve best value.

 

 

Options considered.

 

 

  • Keep rent the same.

 

  • Increase rent review to market value.

 

 

Consultation(s)

Tenants

Cllr. Lucy Shires – Portfolio Holder for Finance, Estates & Property Services

Cllr. Tim Adams – (Local member)

Cllr Jill Boyle – (Local member)

 

Recommendations

 

Cabinet Resolution required.

  • To approve the proposed rental increase outlined in the exempt appendix.
  • To delegate authority to the Asset Strategy Manager to sign the rent review memorandum.

 

 

Reasons for recommendations

 

To support the Council’s Corporate Plan objective in managing the Council finances and contracts robustly.

 

To comply with the Council obligation under the Section 123 of the Local Government Act to achieve best value.

 

Background papers

 

NA

 

 

Wards affected

Cromer Town

Cabinet member(s)

Cllr. Lucy Shires – Portfolio Holder for Finance, Estates & Property Services

Contact Officer

Milo Creasey, Estates Surveyor Trainee milo.creasey@north-norfolk.gov.uk

Renata Garfoot, Asset Strategy Manager renata.garfoot@north-norfolk.gov.uk

 

 

 

Decision:

Decision

RESOLVED

 

To approve the proposed rental increase outlined in the exempt appendix.

To delegate authority to the Asset Strategy Manager to sign the rent review memorandum.

 

Reason for the recommendation:

 

To support the Council’s Corporate Plan objective in managing the Council finances and contracts robustly.

 

To comply with the Council obligation under the Section 123 of the Local Government Act to achieve best value.

 

Minutes:

Cllr L Shires, Portfolio Holder for Finance & Assets introduced this item. She thanked officers for their hard work in achieving income for the Council, via lease negotiations.

It was proposed by Cllr L Shires, seconded by Cllr T Adams and

 

RESOLVED

 

To approve the proposed rental increase outlined in the exempt appendix.

To delegate authority to the Asset Strategy Manager to sign the rent review memorandum.

 

Reason for the recommendation:

 

To support the Council’s Corporate Plan objective in managing the Council finances and contracts robustly.

 

To comply with the Council obligation under the Section 123 of the Local Government Act to achieve best value.