LEASE RE-GEAR SECURES £10 MILLION ADDITIONAL RENT FOR INSTITUTIONAL LANDLORD
On behalf of landlord Friends Life, Tim Harries & Partners conducted off-market negotiations with the tenant, a national warehouse operator, successfully extending their lease of this 187,000 sq ft high-bay distribution warehouse by 10 years, providing the client with a clear unexpired lease term of over 20 years, and significantly boosting its capital value.
The property is located on the 165 acre Sherwood Park in Nottinghamshire, widely regarded as the UK’s most successful former enterprise zone, immediately adjoining junction 27 of the M1, which provides a base for many of the region’s leading logistics businesses. The deal demonstrates the tenant’s long-term commitment to this prime building and location.
The deal secured additional rent income for our client in the region of £10 million.