The
Corporate Property Manager presented her report seeking the
Committee’s agreement to the assignment of a lease of land
and building at Cobtree Manor
Estate.
The
Corporate Property Manager advised the Committee that in 1993 the
Council granted a lease of land and building at the Cobtree Manor Estate to Travis Perkins (Properties)
Ltd. The lease was for 999 years less 3
days and the rent was a peppercorn because Travis Perkins paid a
premium for the lease in 1993 of £93,750. Travis Perkins had now established a new
inter-group company to hold its property and had requested that the
lease be assigned to the new company, TP Property Company
Limited.
It was
noted that granting the assignment would allow the lease to
continue under its existing terms to the same tenant with the only
variation being to the company name. It
would also prevent the possibility of the Council being in breach
of its obligations as a landlord because under the terms of the
lease a request of this nature cannot be unreasonably
withheld.
RESOLVED:
1. That a licence
to assign be granted to Travis Perkins
(Properties) Ltd and the licence be backdated to allow for the
delay in reporting the matter to the Committee.
2. That Mid-Kent
Legal Services be asked to prepare the relevant legal documents and
complete the transaction.