As Asset Managers of a large suburban high street shop, we recently negotiated with outgoing occupiers and Toolstation as the new tenant, maintaining continuity of income and a £10,000 per annum uplift in rent.
Rigorous care and attention was needed to steer the parties through the process. A changing retail market and potential empty rates liability of almost £32,000 per annum made this high stakes, but we rose to the challenge with:-
- Abortive new lease negotiations with the previous tenant.
- Dilapidations settlement of £70,000, plus costs.
- Enforcement of rental liability, until the new lease was signed.
- Abortive negotiations with another national bulk good retailer.
- Prompt negotiation of new 10 year lease with Toolstation at £70,000 per annum.
There were numerous stakeholders in the process. Frank and pragmatic co-operation achieved some great results for our client, a vibrant new tenant and satisfaction for the outgoing occupier.