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LEASEHOLD HEADS OF TERMS Sub-letting of Fountayne Business Centre, Broad Lane, Tottenham N15 4EQ
Subject to Contract
1. Superior Landlord Select Properties (Tottenham) Ltd FAO Agents: Jacob M Cope, Managing Director JMC Surveyors Limited, 47 Bury New Road, Prestwich, Manchester, M25 9JY T: 0161 773 1122 / 0161 772 4477 / 07966 377 740 E: [email protected]
2. Head-lease information Lease between Ramesh Dewan of 31 West Drive Harrow Weald Middlesex and Secretary of State for the Environment dated 17th March 1995 for a period of 25 years effective 25th December 1994 with subsequent Deed of Variation dated 2nd September 2004 between Apple Blossom Ltd and The First Secretary of State.
3. Assignor Secretary of State for Communities and Local Government, c/o Trillium (Prime) Property GP Limited, 140 London Wall, London, EC2Y 5DN FAO: John Hickson, Director 1 City Walk, Leeds, LS11 9DX T: 0113 386 2153 E: [email protected]
4. Assignor Solicitor DLA Piper, Princes Exchange, Princes Square, Leeds LS1 4BY FAO: Mark Lynch T: 0113 369 2822 E: [email protected]
5. Lessor London Borough of Haringey FAO: Stephen Hartrick, Property Manager Commercial Estates, Regeneration Planning and Development Haringey Council, Alexandra House, Level 6 10 Station Road, London N22 7TR T: 0208 489 2294 E: [email protected]
6. Lessor’s Solicitor Patrick Uzice Property Legal team Same Haringey address as above. T: 0208 489 2292 E: [email protected]
7. Lessee National College for Digital Skills Limited
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Charity No: 1158399 FAO: Tom Fogden, COO & Co-founder National College for Digital Skills Ltd 164 Cedars Road, Clapham London, SW4 0QAT T: 0203 105 0125 | 07825 823969 E: [email protected]
8. Lessee’s Solicitor Anthony Collins Solicitors LLP FAO: Dominic Curran, Associate T: 0121 214 3632 E: [email protected]
9. Property Whole of Unit 2, Fountayne Business Centre, Broad Lane, Tottenham N15 4EQ comprising Ground and First floor accommodation. Demise plan attached showing the Property as outlined red.
10. Lessee’s Rights Car parking etc as per existing lease.
11. Lessor’s Rights Reserved As per head-lease.
12. Term 12.1
The lease will commence on the date of completion and be co-terminus with the head-lease i.e. ending on 23 December 2019.
12.2
Lease to be contracted outside of the ‘54 Act.
12.3
The Lessee will have an unconditional right to break the lease on 1 September 2018 and every 3 months thereafter. To exercise the Lessee must give the Lessor no less than 6 months' prior written notice.
13. Rent and Reverse Premium 13.1
The rent will be one peppercorn per annum if demanded, exclusive of VAT, business rates, service charges, insurance premiums and all other outgoings which the Lessee is responsible for.
13.2
For the avoidance of doubt there will be no rent free period or rent review clause in the sub-lease.
14. Services and Service Charge Service charge contribution to be agreed prior to exchange. This will reflect the service charge in the head lease.
15. Insurance The Superior Landlord will insure the Property and the Lessor will refund the premiums on demand, such cost to be passed through in full to the Lessee.
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16. Use As per head-lease, widened to additionally allow D1 (Education) use and other uses ancillary thereto together with the existing B1 uses.
17. Assignments, Underleases and
Sharing Possession
Alienation clauses to be drafted in accordance with existing head-lease provisions.
18. Repair Full repairing lease with the Lessee responsible for all repairs.
19. Alterations Alterations clauses to be drafted in accordance with existing head-lease provisions. On completion the Superior Landlord and Lessee will enter into a licence for alterations (subject to superior landlord’s consent). The Lessee will have a nil dilapidations liability in yielding up the sub-lease to the Lessor.
20. Early Access The Lessee will be permitted to access the site prior to and following the exchange of contracts for the purposes of undertaking preparatory and survey works, the terms of which are to be agreed with the Superior Landlord.
21. Exchange and Completion 21.1
The parties will endeavour to exchange conditional contracts as soon as possible and in any case within 30 working days of agreement of Heads of Terms. Exchange will be executed simultaneously with the Agreement to Assign between the Superior Landlord and Lessor.
21.2
Completion will take place following satisfaction of all the conditions precedent for completion. Completion of the sub-lease will be executed simultaneously with the Assignment.
22. Conditions Precedent for
Exchange of Contracts
22.1
Assignor Board approval
22.2
Lessor Approval (under delegated authority)
22.3
Lessee Board Approval
23. Conditions Precedent for
Completion
Completion will be conditional upon: 23.1
Superior Landlord Approval for both assignment and sub-lease proposal
23.1
Obtaining planning permission for temporary change of use to D1 and any associated works upon terms reasonably acceptable to the Lessee. The Lessor will apply for that planning permission based on information provided by the Lessee and pursue that application with due diligence.
23.3
The long-stop date for the satisfaction of the Conditions Precedent will be 15 April 2016.
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24. Costs Each party is responsible for its own direct legal and professional costs in connection with this transaction.