On behalf of a national industrial fund, Mounsey Surveyors are appointed to provide professional advice across a substantial multi-let trading estate off Dewsbury Road in Fenton.
Pears Property has acquired City Park Trading Estate, a fully income producing industrial investment comprising 22 buildings and compounds. Having provided a pre-acquisition analysis of the existing tenancies, including the future marketability of units and the likely reversionary rents that would be achievable, we were retained to negotiate a number of outstanding lease renewals where tenants were either approaching lease expiry or holding over.
New lease agreements on longer terms have now been completed, representing an improvement in our client’s security and an increase in the overall passing rent of the estate. Our attentions have now turned to re-gearing leases where tenants are entering the final year of their tenancy agreements in order to further improve our client’s investment return.
We periodically advised our client and their managing agent throughout the renewal process with our role incorporating the following:
- Analysis of the lease document to highlight key terms that would influence value
- Adjustment of comparable evidence in order to accurately appraise Market Rent
- Undertake negotiations directly with the tenant, including recommending the selective use of Landlord and Tenant Act notices
- Preparing Heads of Terms and a Land Registry compliant lease plan
- Communicating with the client’s solicitor during the legal process through to completion