COUNCILLORS have agreed to the extension of a lease which will see a fashion retailer stay on in Lichfield for five more years.
New Look has secured the extension after Lichfield District Council agreed new terms for the store on Market Street.
Under the terms of the lease, the retailer will be responsible for the maintenance of the property.
Cllr Rob Strachan, cabinet member for finance and commissioning, told cabinet members:
“We have a provisional agreement to extend that lease, with appropriate terms and appropriate break clauses.
“It appears to be, from the advice of our professional advisers, an appropriate weighting of that lease and at the best possible value that can be achieved.”
Alternatives such as selling the property, remarketing it or converting it for other uses were considered but rejected, as none were expected to offer better value.
Cllr Andrew Smith, deputy leader and cabinet member for leisure and major projects, said:
“New Look wants to extend and renew the lease – and we want them to.
“We don’t want an empty building on the high street, so therefore I will be supporting this.”