Client: M&P Food Products
M&P Food Products own an industrial unit totalling circa 35,000 sq ft unit in Atherstone in Warwickshire which is leased to a food preparation company on a racked rented lease. It instructed our landlord and tenant team to negotiate the forthcoming rent review at the property.
Solution
The property was a good quality, secondary unit and was extremely well located in the ‘Golden Triangle’ region bound by the M69, M1 and M6. We knew from our involvement in advising other clients that rental values had risen, partly due to a shortage of supply of good quality units within the area, which we believed had a significant ripple effect on secondary accommodation.
An additional consideration was the complex referencing exercise that was undertaken, as the tenant had made significant alterations to the property by extensively fitting out the premises for the purposes of their business, which under the terms of the lease, were assumed to be removed from our hypothetical assumptions.
The results
Following comprehensive negotiations, we secured an uplift of over 15%, equating to in excess of £90,000 over the five years of the term.
|
|