Clr Saville asked a series of questions about The Concourse.
- All 12 tenancies at The Concourse are tenanted.
- In the past 12 months only one tenant (Terrazza) has left upon the expiry of their lease. The tenancy has been re-leased.
- The income for The Concourse has been affected by vacancies; rent free periods associated with incentives for new tenants and more recently the Covid-19 pandemic. The reduction of income compared to the original 2019/2020 estimates is approximately $933k. The $933k is comprised of:
3.1. First quarter adjustment – $587k. This was reported to Council as part of the Quarter 1 budget review at its 11 November 2019 meeting. This amount is a combination of vacancies at that time and rent free period for shop 2. Council was advised of the rent free period for Shop 2 at its meeting on 10 February 2020.
3.2. Third quarter adjustment – Covid-19 rental waivers – $258k. This was reported to Council at its extraordinary meeting of the 30 March 2020, and forms part of Council’s Business Support Plan.
3.3. Third quarter adjustment – rent free periods for Shops 1 and 2 – $88k. Council was advised of the rent free period for Shop 2 at its meeting of the 10 February 2020. The adjustment will be be incorporated into the third quarterly budget review report for Council’s consideration.
- The adjustment of The Concourse income was reported to Council in the First Quarterly
Budget Review report tabled at the Council meeting held on 11 November 2019. The
extraordinary Council meeting on 30 March 2020 also foreshadowed estimates of the income loss due to the Covid-19 pandemic.
5. There is currently one tenancy at The Concourse in arrears that Council is pursuing under legal means.
To become or renew as a member of CWWPA before March 30, direct deposit $10* with your name in the reference field to BSB: 032090 Acct: 548083 & complete our Membership Application. *Non-refundable subject to meeting membership criteria.