|Issue||Dilapidations & Reinstatement|
|Project Manager||Andy Colangelo|
Successfully negotiating financial dilapidations settlement for industrial unit
Our client owns an industrial estate constructed in the mid 70’s, comprising six self-contained units, totaling 38,000 sq ft. These had been substantially altered over many years by a long term tenant to provide a single large manufacturing facility complete with user specific mechanical and electrical services installations and other adaptations. The tenant eventually vacated, without reinstating the property leaving the client a headache.
Having advised the client to retain the investment for re-letting and or sale, Hicks Baker successfully negotiated a financial dilapidations settlement with the tenant, over nearly £600,000 which through careful management and control of the building was sufficient to upgrade the property to modern standards without the need for significant additional expenditure.
The premises now offer affordable and rebranded modern accommodation, of a type lacking in the local market and the client holds a significantly more valuable and lettable asset.Download PDF