Renting Space
All approaches to rent space and negotiation of leases for the same have to be negotiated by the Land Agent's Office. The Land Agent's Office (LAO) will seek instruction from Estates Services and will normally use external property consultants to make a search. Therefore any departments who have space needs, and are looking to rent space as the solution, should approach the matter as they would any space allocation process. Estates Services will then instruct the Land Agent's Office on the parameters for the search.
At present any rents and service charges associated with renting space fall directly to the occupying department, unless it is a service unit or has otherwise been agreed by PRAC. Associated surveyor's costs and legal fees are also charged to the department requesting space. The rental and service charges for commercially rented property are usually considerably higher than the University's space-related charges.
All leases are completed in the name of the University. Therefore the leasing of buildings for the Functional Estates has to be sanctioned by BESC and PRAC. Leases go through the University's formal signing and sealing processes, and formal approvals are therefore vital. The approval to lease a property is usually taken alongside the space allocation process and the same process applies.
The process for renting space is:
- BESC approval sought to allow the LAO to investigate renting a property or properties and the terms on which the property will be let
- LAO investigates options (as necessary)
- Preferred option identified and LAO agrees Heads of Terms in conjunction with requesting Department and Estates Services
- BESC and PRAC are asked to confirm entering into the lease on the principle that the terms are acceptable to the Land Agent (Heads of Terms usually attached to the request for approval.)