Case Studies
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Barton Street, Gloucester. A 54,000 sq ft retail warehouse that had been vacant for four years following a surrender by B&Q in 2005.
Two months after our appointment as asset manager we had used our contacts to secure a letting to Go Outdoors on a new 15 year FRI lease, subject to planning permission (which was granted) and a fixed minimum uplift at the first review.
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Ealing Gateway, Ealing. An 84,000 sq ft office building let to two tenants arranged over ground and four upper floors with mid-term break options over all floors.
Both tenants were keen to remain in the building but were faced with changing occupational needs.
Therefore, we took a surrender on one floor from one tenant and agreed to a simultaneous grant of the same space to the other tenant.
As part of this deal break options were removed on three of the floors, whereby the unexpired term certain on those floors was consequently extended by a further 15 years.
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Maidenhead Road, Windsor. A 121,000 sq ft office let to a top FTSE 100 Company.
Agreed two 15 year FRI reversionary leases from 2018 (i.e. an unexpired term certain of 23 years) and the completion of a development agreement between landlord and tenant.
The agreement makes provision for the tenant to request the landlord to provide further office accommodation on site at the landlord's cost but on the basis that on completion all buildings, both old and new, will be subject to a new 15 year lease at the passing rent.
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Oliver Road, Thurrock. A 325,000 sq ft industrial distribution unit.
Agreed a lease re-gear whereby the tenant's mid-term break clause was removed, which extended the unexpired term certain by a further 15 years.
The rent review provisions in the lease were also amended to include 2% per annum compounded minimum fixed uplifts at each of the next two rent reviews.
