|Issue||End of lease relocation leaving vacant office building|
|Project Manager||Mark Previte|
0118 955 7087
New tenant rapidly identified for vacant building avoiding landlord liability for rates
Our client was the owner of an attractive, detached 4,000 sq ft office building. Prior to the lease end, the tenants chose to relocate and buy a larger freehold with additional space to satisfy their growing business requirements. The landlord therefore faced the prospect of an empty building and no rental income in a difficult letting market for offices.
By promptly marketing the property on open and flexible terms, recognising the prevailing weakness in the office lettings market, a children’s nursery operator was quickly identified for the whole property. Terms were speedily negotiated and during the legal process, a change of use application was submitted and departure terms were negotiated with the outgoing tenant, to ensure that the premises were yielded up at the lease end in repair.
- The premises were re-let within 9 weeks from falling vacant
- The property was returned in good repair
- The new rent was approximately 10% higher than before
- Such was the speed of the new letting, the landlord avoided liability for rates