Disposal of a vacant retail unit in Caversham

Hicks Baker were tasked by a client to find a solution for a property which they no longer required for occupational purposes. However, the property had not seen any investment for a number of decades, so advice was provided on the extent of works that should be undertaken and, based on our advice, the client felt confident to undertake extensive renovation works.

Hicks Baker liaised closely with the client’s contractor in terms of extent and specification of works, and during this process various potential new tenants were shown the unit.

Due to our strong involvement in the retail market in Caversham, we were aware of a requirement from a very good covenant tenant, and due to the unit being in such good order, excellent terms were agreed with minimal rental void.