Prime retailer secured for landlord
Client Name: Dalston Overseas Limited
Location: Staines, Middlesex
Services: Retail Letting, Rent Review and Lease Extension
101/103 High Street in Staines formed part of the ex-Woolworths store. When the business went into administration in 2008 Brasier Freeth was asked by the Landlords to find a new tenant to occupy the premises.
Brasier Freeth received interest from various parties but in the end, agreed terms with Hennes and Mauritz to take a lease on the property. Hennes also took a new lease on Unit 33, The Elmsleigh Centre which also formed part of the Woolworths store but was owned by another party.
The transaction was complicated as both interests had to be satisfied and the rent paid by Hennes needed to be apportioned in a fair and reasonable way that was acceptable to both Landlords. Hennes took a 10 year lease from August 2010 with a 5 year rent review and tenant only break after year 7.
5 years later our Team was re-instructed to negotiate the rent review on behalf of the Landlord. This involved rent review negotiation, lease extension and removal of the August 2017 tenant break.
This transaction completed in late 2016 and Hennes then went on to redevelop the internal layout of the premises to increase the first floor sales area, which has improved the look and feel of the store. This refurbishment is expected to result in a substantial rise in turnover for the retailer.