57,000 sq ft Office Surrender, Chertsey

Our major media Corporate Occupier client, held a lease on some 57,000 sq ft of non occupational offices, with 2 sub-tenants who were both outside the Landlord and Tenant Act.

They faced approximately £2.2m worth of outgoings until the end of their lease, to include dilapidations and the Landlord offered to take a surrender at £1.4m.

It seemed low and something was obviously wrong.

Via inspection, we ascertained that the Landlord was re-letting to our Client’s sub-tenants, who were both outside the Landlord and Tenant Act, expiring 3 months before our Client’s lease.

The Landlord could not achieve his aims without our Client surrendering, and not only did we negotiate a free surrender but also the Landlord paid our fees.

Professional | Anthony Lorenz | Kathryn Sowter 

Units 1&2 Twyford Place, High Wycombe

BSkyB held 2 units on this building, comprising about 8,000 sq ft, in a completely dilapidated state for another 7 years, with potential outgoings of over £1.0m, being completely unlettable without a full refurbishment.

Through extensive negotiations with the Landlords, they were surrendered at a discount, almost 30% to the total outgoings.

These were the Landlord's problems rather than our Clients.

Professional | Anthony Lorenz | Kathryn Sowter

HFC Bank, 1700/1740 BIRMINGHAM BUSINESS PARK, SOLIHULL PARKWAY, SOLIHULL, WEST MIDLANDS B37

Acting for HFC Bank portfolio, The Lorenz Consultancy and joint Agent, LONIC, were instructed to dispose of two office buildings 1700 & 1740 Birmingham Business Park comprising 21,227 sq ft.
The leases expire in March 2013 at a combined rent of £337,731 per annum. We agreed a surrender with the Landlord at a saving of 30% of total estimated lease end outgoings

Agency | Anthony Lorenz | Andrew Knights

Westfield House, 30 Knaresborough Drive, London, SW18

The Lorenz Consultancy were instructed to run an upwards/downwards rent review on the 75,000 sq ft industrial unit, occupied by the Government and owned by overseas investors.
The rent review was run up to Arbitration, with the end goal being to allow our clients to negotiate a surrender premium in order to free the site for residential development.

Professional | Kathryn Sowter

4th Floor, 1 Knightsbridge London, SW1

Manro Hayden, occupied some 6,370 sq ft at a rent of £275,000 per annum expiring March 2014 and was subject to an upward rent review and break clause in March 2009.
They had a potential dilapidations liability of almost £300,000 which was reduced in negotiations with the Landlords to give Manro Hayden a flexible determination date, whereby they would pay the sum of £50,000 to vacate.
They subsequently acquired headquarters in Manchester Square.

Professional | Anthony Lorenz