Advising a long-standing private client, Mounsey Chartered Surveyors has recently completed a lease renewal and a rent review at two modern high street retail stores in Wolstanton.

Unit 1 was let to the long-standing tenant, Lloyds Pharmacy, who had reached the end of the lease agreement. Following the serving of a Section 25 notice by the client’s solicitor, a new 3-year term was agreed after detailed negotiations with the tenant’s in-house estates department.

Unit 2 was let to a second long-standing tenant, Co-op Food, who had an outstanding 2019 rent review but was looking to exit the property having agreed to sell the business that was operating from this store. The review was agreed as a condition of the assignment, reflecting an increase in rental income of approximately 30%, whilst Mounsey Chartered Surveyors further advised the client to ensure they had the maximum security available from both the assignor and assignee.

Tom Johnson of Mounsey Chartered Surveyors advised our client in respect of both transactions, he commented: “Although the retail property sector continues to be challenging for both landlords and tenants, the subject properties retain marketable characteristics including their age, prominence and dedicated car parking provisions with the latter being particularly rare within a town centre.

“The lease renewal with Lloyds Pharmacy offers our client security of income for the next 3 years and now that Co-op’s lease assignment has been completed within a strict timeframe, we will be engaging with the new occupier to work towards a lease re-gear and further strengthen our client’s security.”