Acting on behalf of a Derbyshire-based investment company, Mounsey Surveyors are retained to provide marketing advice across a local multi-let industrial estate.
Prominently located adjacent to the A500 dual carriageway on Old Whieldon Road in Fenton, the estate comprises approximately 120,000 sqft of industrial and office accommodation across eight buildings which is owned and intensively managed by PMW Property Development. Having initially advised on the separation and selective demolition of the site following its purchase in 2007, we have since advised on a range of leasehold transactions culminating in the recent letting of Units 4 and 5 to a regional bathroom supplies company.
This transaction involved approximately 70,000 sqft of industrial accommodation and whilst it represented a notable increase in the income being generated, the lease term and financial covenant of the incoming tenant has helped to underpin the investment value of the estate to our client.
Our advice briefly comprised the following:
- Appraisal of the likely rent achievable based on the disposal of the two buildings individually or as a whole
- Implementation of a marketing strategy to expose the buildings to both the local and regional industrial markets
- Negotiation of Heads of Terms, including the requirement for an Agreement for Lease
- Overseeing progression throughout the legal process in order to meet a fixed tenant’s timescale