Non-residential property renting or leasing services

Description

The Council is taking a lease with a term of 30-45 years of the King's Walk Shopping Centre (the Property) from Canada Life Limited (the Landlord). The Property is subject to various interests including occupational tenancies and the Council will be the direct landlord of those tenants. The Council is entering into the lease on the basis of the Landlord's offer to undertake improvement works to the Property to bring it up to a good standard to sufficiently attract new tenants and retain existing tenants. The works will be funded by the Landlord and the Council will not be specifying the works. The Landlord shall also provide general maintenance and management services as required under the terms of the lease. This arrangement constitutes a restructuring of a number of interests in the Property — the Council is currently freeholder. Other parties involved in the wider restructuring include Reef Estates Ltd, RG17 Ltd, CL Blue Ltd, Coral Blue Ltd and Reef 2016 Ltd. The Council will take a lease with a term of 30-45 years of the King's Walk Shopping Centre (the Property) from the Landlord. The Property is subject to various interests including occupational tenancies and the Council will be the direct landlord of those tenants. The Council is entering into the lease on the basis of the Landlord's offer to undertake improvement works to the Property to bring it up to a good standard to sufficiently attract new tenants and retain existing tenants. The works will be funded by the Landlord and the Council will not be specifying the works. The Landlord shall also provide general maintenance and management services as required under the terms of the lease. This arrangement constitutes a restructuring of a number of interests in the Property — the Council is currently freeholder. Other parties involved in the wider restructuring include Reef Estates Ltd, RG17 Ltd, CL Blue Ltd, Coral Blue Ltd and Reef 2016 Ltd.