Exempt Report – Commercial Lease Negotiation

Update on lease renewal for largest commercial tenant at Riverside Business Park (4,200 sq m, £312k/year, 22% of investment portfolio income). Tenant seeking 15% rent reduction; independent surveyor supports 7–9%. Council minimum: £284k/year (8.97% reduction), 10-year lease with year 5 break, upward-only rent reviews every 5 years. Seeks delegated authority to conclude within these parameters.