Bartlett Property provided comprehensive asset management advice on Kingsditch industrial estate fronting Kingsditch Lane in Cheltenham. We recommended our client take advantage of the sites excellent prominence and proximity to retail activity, by enhancing the estate and re-branding it to a “Trade Park”.
Coupled with a targeted marketing campaign, the park attracted national covenants and substantial improvements in the tenant mix which saw rents increase by 130% and the value of the overall asset by over 200%.
Bartlett Property was instructed to advise the landlord on the appropriate action to be taken in respect of retail premises occupied by First Quench Retail Limited and trading as Threshers. Threshers had offered 6 months rent in return for the landlord accepting a surrender of its lease.
The lease had less than 3 years to run before a tenant’s break option could be exercised. Upon a review of the lease, market conditions for re-letting the property and the potential long term viability of the tenant, we recommended that the client utilize the provisions in the lease to negotiate a large premium from the tenant. We achieved the equivalent of 26 months rent and at the same time re-let the same property on a new, longer lease with a 10% uplift in rent.
Bartlett Property was instructed by Harborne Investments to advise on an application from the tenant, Cheltenham and Gloucester Building Society, to assign its lease on the above premises, to a national bookmaker.
We reviewed the lease to discover that the use was prohibited and also advised our client on the likelihood of receiving a premium for release from the covenant. Our market knowledge meant we could confidently advise our client that despite the property being vacant and on the market for over a year, Bartlett Property could effect a long term letting and enhancement in the rent.
We could augment this further with a substantial premium from Cheltenham and Gloucester for a surrender of its lease.
We accordingly negotiated a six figure surrender premium and pre-let the property to Loungers Limited on a 20 year lease with a 20% increase in rent.