The lease for The Vineyard Restaurant agreed in 2011 required that the tenant complete substantial building works to improve the building, its functionality and its amenities.
As the revised design proposes that the redevelopment extends beyond the current lease boundary, a new lease is required.
As part of the proposed redevelopment, Council is offering the tenant a new 15 year lease with a non-assignment period of 10 years. Non-assignment means the lease cannot be transferred to another tenant during this time.
Proposed key conditions for the lease include:
- Market rent.
- Lease term – 15 years has been agreed between parties.
- A landlord contribution to the proposed redevelopment of 50 per cent of the amount of the building works exceeding $1 million to a maximum of $600,000.
- Maintenance of the property resides with the tenant, with the exception of Essential Safety Measures.
- The tenant must provide a community benefit as part of this proposed redevelopment.