The Proposed Deal Below is the last version of the proposed Head of Terms VGCC has received from CLS. It is a good indication of the broad general thrust of what is proposed. Please note that since this document CLS have agreed that if 5 Glasshouse Walk is to be the final resting place and Replacement Premises for the Community Centre it will be brought up to full DDA standards with a flat ground floor, level to the pavement, running the length of the building.

DRAFT HEADS OF TERMS

100 Vauxhall Walk and Replacement Premises
London SE11

8 July  2008

LANDLORD

Spring Gardens III Limited (or other nominated subsidiary of CLS holdings plc)

TENANT

Vauxhall Gardens Community Centre
Please confirm the precise identity and status of the tenant signing the lease.

DEMISE

The entire property known as 100 Vauxhall Walk, London SE11

LEASE

A new lease is to be granted for a term of 10 years , contracted out of the security of tenure and compensation provisions of 1954 Landlord and Tenant Act.

INSURANCE

Buildings insurance will be arranged by the Landlord with the costs reimbursed by the Tenant.

RENT

£1.00 per annum inclusive of VAT

RENT REVIEW

The rent will not be subject to review and will be fixed throughout the entire term.

OTHER OUTGOINGS

The tenant will be responsible for all other outgoings from the date of the lease.

REPAIR

The property is to be taken in its current condition. The Tenant is to maintain the building to a standard no worse than its current condition, complying with all regulations and statutes.

REINSTATEMENT

At the end or sooner determination of the lease, the premises are to be handed back in a clean and tidy condition, in accordance with the above repairing obligations, wear and tear accepted.

ALIENATION

The lease will only permit sub lettings of part subject to Landlords prior written consent.  Any sub leases must be contracted out of the compensation and security of tenure provisions of the 1954 Landlord and Tenant Act and must be capable of being determined to facilitate full vacant possession in the event the Landlord exercises its break option.  There will be a limit of a maximum of 20 sub lettings at any one time and this must include all current ‘third party’ occupiers of the property (who will be required to enter into subleases as above)

LANDLORDS BREAK OPTION

The Lease will contain a Landlords Break operable at anytime on 6 months prior written notice.  The tenant must provide full vacant possession of the entire property upon expiry of the notice.

When serving the notice the Landlord is required to confirm details of the Replacement Premises that are to be provided.  In the event that the replacement premises are not available at the expiration of the Landlords notice, the Centre will be permitted to use 5 Glasshouse Walk temporarily. In these circumstances, 5 Glasshouse Walk will be handed over with Vacant Possession in its current condition but to include the creation of a hall on the ground floor of the property in accordance with Option 1 set out in the Replacement Premises Section.

REPLACEMENT PREMISES

The Replacement Premises will be provided within the site bound by Tinworth Street to the North, Vauxhall Walk to the East and Glasshouse Walk to the South and the railway line to the West. For the avoidance of doubt the Replacement Premises will not front Tinworth Street

The Replacement Premises will be in accordance with the attached specification which the tenant is obliged to occupy on the terms set out below.

PLANNING

The Tenant and all subtenants will agree not to object to any Planning Application for a redevelopment of any land the Landlord seeks to develop in and around 100 Vauxhall Walk. The tenant will use its best endeavours to support the Landlord in any Planning Application for a redevelopment of any land it seeks to develop in and around 100 Vauxhall Walk.

SECTION 106

Both the Landlord and the Tenant will work together to ensure that as far as possible any Section 106 contributions arising from such a redevelopment would be channelled to the benefit of the VGCC and the local community.

LEGAL COSTS

Each party to bear their own legal costs incurred in this transaction

LANDLORDS CONTRIBUTION

For the first 5 years of the lease (for as long as it remains in force) the Landlord is prepared to make a contribution of £20,000 pa in the 1st year to the VGCC and in the 2nd to 5th years £7,500 pa. This will be payable quarterly in arrears.

CONDITIONS

This proposal remains subject to the following;

  1. Contract
  2. CLS Board Approval
  3. The acquisition of the freehold interest of 100 Vauxhall Walk from Lambeth Council

………………………………………………………………

CLSH Management Ltd

Replacement Premises Lease

LANDLORD

Spring Gardens III Limited (or other nominated subsidiary of CLS holdings plc)

TENANT

Vauxhall Gardens Community Centre. Please confirm the precise identity and status of the tenant signing the lease.

DEMISE

Either 5 Glasshouse Walk or new replacement premises as described in the attached specification.

LEASE

A new full repairing and insuring lease is to be granted for a term of 40 years with the protection of the Landlord and Tenant Act 1954. This will contain appropriate service charge and insurance provisions.

RENT

New Premises
To be calculated at £13.50 psf for any accommodation at ground floor level or above and £4 psf for any accommodation at below ground level.

5 Glasshouse Walk
To be calculated at £4 psf for ground floor and basement and £13.50 psf for accommodation on the 1st and 2nd floors.

All rents are exclusive of VAT and are payable quarterly in advance.

RENT FREE PERIOD

The first 6 months of the term of the Lease are to be granted rent free.  This will be extended up to a maximum of 12 months in the event the Tenant does not get a minimum contribution equivalent to 1 years rent as S.106.

RATES & OTHER OUTGOINGS

The Tenant shall be responsible for Business Rates and all other outgoings from date of occupation.

RENT REVIEW

The rent will be subject to annual increases in line with the retail price index (RPI) from the 5th anniversary of the term.

PLANNING

The Landlord will obtain necessary planning consent for use as a Community Centre.

LICENCING HOURS

Any licences will be permitted to operate up to 12.00 midnight Sunday to Thursday and to 01.00 Friday and Saturday, subject to obtaining the necessary licence

ALIENATION

The lease will permit an assignment or sub letting of the whole or sub letting part, subject to Landlords prior written consent.  

The tenant will offer back the property to the Landlord at nil premium before any assignment of the lease
Any sublettings of part are to be excluded from the Security of Tenure and Compensation provisions of the Landlord and Tenant Act 1954.

CONDITIONS

This proposal remains subject to the following;

1     Contract
2     CLS Board Approval
3     The acquisition of the freehold interest of 100 Vauxhall Walk from Lambeth Council

 

Vauxhall Gardens Community Centre

Replacement Premises Specification

 

The Landlord will nominate one of the two following options as Replacement Premises.

Option 1 – 5 Glasshouse Walk

  • Create opening to form rear hall
  • Full vacant possession
  • The property will be handed over in no worse condition than at the date of completion of the lease on 100 Vauxhall Walk.

 

Option 2 New Facility “on Site”

  • Minimum of 6,000 sq ft (557 sq m) GIA total over a maximum of 2 floors
  • Minimum of 1,500 sq ft (139 sqm) at Ground floor.
  • Self Contained
  • Capped off services
  • Shell condition
  • Minimum slab to slab height in the basement of 4m
  • Minimum slab to slab height on the ground floor of 3m

The Specification for 5 Glasshouse Walk if Temporary accommodation.

  • Outside the Act
  • Same terms as 100 Vauxhall Walk lease
  • Landlords option to relocate into new building once ready
  • Specification as above

     

Vauxhall Gardens Community Centre is easy and cheap to hire out.

Do you have a family event you want to celebrate such as a wedding reception or kids birthday party? Talk to us about providing quality organic catering to spice up your event.

Do you have an activity that you would like to teach? Or a community event you would like to put on?
The key question is how will it benefit the local community? And how will you promote it to them?

Our standard hire charges for community groups and/or people who live in the local area start from 20 pounds an hour.We normally expect a small (fully refundable) deposit. We add in cleaning and security charges if necessary.

To book the Centre just call 020 7793 1110 or email lmhs@lmhs.org.uk

LMHS are Lady Margaret Hall Settlement, our administrators.

To hire the Centre you need to fill out a booking form, provide proof of identity and a deposit. Terms and conditions apply.