TECHNICOLOR SELLS COVENTRY WAREHOUSE: - Aldermans Industrial Estate, Coventry, CV2

Major corporate occupier, Technicolor, entrusted us with the sale of their Aldermans Park Warehouse comprising some 85,000 sq ft of second hand warehousing on approximately 4 acres of land and after extensive marketing, we located SLAM who concluded the purchase of the property for their own occupation at an agreed price of just under £2.5 million.

Agency Disposal | Anthony Lorenz | Andrew Knights

NEW INSTRUCTION: Parnell House, 25 Wilton Road, London, SW1

The Lorenz Consultancy are delighted to have been jointly instructed alongside Goldsmith Messing on behalf of Masefield to dispose of their lease on the part Ground and 1st Floors.

The accomodation comprises of modern, grade A offices, fully fitted to include numerous meeting rooms, executive offices and kitchen/break out areas etc. The offices come with data cabling and high quality furniture in situ.

* VAV air conditioning
* Four 13 passenger lifts
* Manned commissionaire (24hr security)
* Metal suspended ceiling
* Excellent natural light
* Full access raised floors
* 5 Car parking spaces

1st floor North- 5,216 sq ft
1st floor South- 5,600 sq ft
Ground floor- 5,063 sq ft
TOTAL - 15,879 sq ft

Both floors are available on leases inside the Act until March 2014 with the possibility to extend to March 2019 or longer by arrangement.

The current passing rent is £41.00 per sq ft exclusive.

For more information or to arrange an inspection please contact either Andrew Knights or Anthony Epenetos at the Lorenz Consultancy (020 7629 9898) or Allan Messing at Goldsmith Messing (020 7182 4550).

Agency Disposal | Andrew Knights | Anthony Epenetos

The Moving Picture Company Expansion – 4th Floor, Hammer House, 113-117 Wardour Street, London W1

The Moving Picture Company Ltd, a long standing client of the firm, needed space for expansion and subsequently instructed us to secure the acquisition of the 4th floor offices at 113-117 Wardour Street comprising 1,575 sq ft, the building located next door to their HQ. The services of the two buildings are interlinked which made this floor of special interest. A 10 year lease with a Tenant only break option at the 5th anniversary of the term was eventually agreed at a rent of £37.50 per sq ft subject to an initial rent free period of 7 months and a further 5 months’ rent free if the option to break the lease is not exercised.

Agency Acquisition | Anthony Epenetos

Loftus Family Property - 22 Baker Street, London, W1

Loftus Family Property entrusted us with the negotiation of the December 2010 rent review on this five year old building comprising some 45,000 sq ft let to Fujitsu with a passing rent of £47.00 per sq ft and after extensive negotiation we settled the review at £55.00 per sq ft, given the advantage that the valuation date could easily have been September to December 2011.
A successful negotiation indeed.


Professional | Anthony Lorenz | Kathryn Sowter

Superfish – Commercial Property Acquisition

Major importers and distributers of tuna, have recently instructed us to find 5,000-10,000 sq ft of warehousing accommodation within 30 minutes of Heathrow to house their deep freeze refrigeration storage and distribution facility.

Agency Acquisition | Andrew Knights

Units 5 & 6, 7 & 8 St Davids Industrial Estate, St Davis Road, Swansea SA6

A major property company, The Tannen Group Ltd have entrusted us with handling a major dilapidations claim on a warehouse let to Comet comprising approximately some 25,000 sq ft in Swansea Enterprise Park.

Professional | Anthony Lorenz | Dilaps UK

Dilapidations for AETN

Our client’s AETN The History Channel are at 6 Sloane Square and through us have instructed Dilaps UK to handle their dilapidations work so as to minimise the Landlords claim.

Professional | Anthony Lorenz | Dilaps UK

Shore Capital, Dilapidations Success, Entire 3rd Floor, Mellier House, 26A Albemarle Street, W1

Shore Capital decided to close their overflow office at 3rd Floor, Mellier House and faced a dilapidations claim of £50,000 which was negotiated right down to £8,000 when we suspected that the new Landlord was going for a residential scheme, thus negating their entitlement.

The settlement was negotiated with the Vendor, who was in the course of selling the building, this playing a big part in the negotiations.


Professional | Anthony Lorenz

Chinawhite, 4 Winsley Street, London, W1

We are delighted to be instructed to act on behalf of Chinawhite on their lease renewal, looming up in September 2012. A long list of clubs that we act for, include Fabric, Sketch, Tramp and others in Central London.


Professional | Anthony Lorenz | Kathryn Sowter

Pont de la Tour, Butlers Wharf, Shad Thames, London, SE1

On behalf of D and D London, we were instructed to handle the Ponte de la Tour September 2010 rent review, comprising some 8,500sq ft with extensive views over the river.
The Landlord’s were quoting an increase of almost 50% above the previous rent reserved and after extensive negotiations an Arbitrator was appointed, and an eventual settlement was achieved at an increase of only 21%.

Professional | Anthony Lorenz | Kathryn Sowter

The Terraces Bar and Grill, Madeira Drive, Brighton

Glendola occupy some 7,000 sq ft of restaurant space in Brighton. The Landlord called us in to help on their behalf in connection with the negotiations of the rent review - watch this space.

Professional | Kathryn Sowter | Kimi Gordon

4th Floor, Brook House, Shepherds Bush Road, London, W6

Two way dilapidations in Shepherds Bush. Technicolor faced a claim from their Landlord of £18,800 on space in which they occupied years ago and sub-let to Intrasphere Technologies Limited.
A settlement was agreed with the Landlord that Techniclor would pay £7,500 with Intrasphere Technologies contributing further, which e were pleased with as we turned a loss into a profit.

Professional | Anthony Lorenz

Lower Ground Floor, Townsend House, 22-25 Dean Street, London, W1

We were fully retained by the Notting Hill based acting school, Caravanserai Productions and Acting Studio to find suitable premises in Soho for expansion. We eventually discovered this lower ground derelict car park and agreed with the Landlord that they would develop this into studio space and in May 2011 we successfully completed an Agreement to Lease upon completion of the Landlords works. The demise comprising approximately some 2,303 sq ft of fitted office/studio space was agreed at a annual rent of £40,406.50 for a term of 10 years subject to an upward only rent review at the 5th anniversary of the term and a Tenant only option the terminate the lease upon the 7th anniversary of the term.

Agency Acquisition | Andrew Knights

Agents need to reconsider their fee agreements

My loss in court will make agents more paranoid about fees....

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Professional | Anthony Lorenz

Morley House, 26-30 Holborn Viaduct, London, EC1

Major property company Tannen Group, owners of this 51,290 sq ft building have instructed us to asset manage either renewals of leases or reletting of the entire building or part thereof from expiries in 2012. A major asset management opportunity in a location which is fast improving, being the pivot between the improving midtown and city markets.

Professional | Anthony Lorenz | Kathryn Sowter

Yorkshire House, Grosvenor Crescent, London, SW1

Our clients Derwent approached us in May 2010 to unblock a stalemate in negotiations to re-gear the lease held by Sir Robert McApline Limited and also keep their options open to redevelop the 8,500 square feet office building between 2014 and 2016.

By activating the December 2009 rent review we got into negotiations with the Tenant’s agents, and eventually agreed a lease, whereby the Tenant stayed on at the same rent, just under £40.00 per sq ft, with Derwent enjoying break clauses in case they want to redevelop or substantially reconstruct, and Sir Robert McAlpine enjoying a beneficial dilapidations settlement, if they leave at the end of the extended lease.

Professional | Anthony Lorenz

Scotts Restaurant, 20-22 Mount Street, London W1

After 1½ years of negotiation and extensive arbitration, which took 9 months because of legal issues, we eventually achieved a favourable settlement on Scott’s Restaurant rent review for our clients Frelene.
The reserved rent of £310,000 per annum was subject to review and the Tenant was fighting for nominal increase. However, the Lease permitted the premises to be valued either as Retail, Restaurant or a mixture of both.
After a full bloodied arbitration a figure of over £430,000 per annum was determined.

Professional | Anthony Lorenz | Kathryn Sowter

16 Mount Street, London, W1

After settling the Wunderkind rent review at £250 per sq ft Zone A, our clients Frelene, heard that the occupier was proposing to dispose of the Leasehold interest and had a host of offers.
However, they only had a 3¾ year lease unexpired, therefore, the Landlord was in a strong position to take a surrender and grant a new lease. A main fashion retailer, took a new lease at the highest rent ever achieved in Mount Street, £350 per sq ft Zone A, but also paid a substantial premium, part of which accrued the benefit of the Landlord.

Professional | Anthony Lorenz

7 Old Burlington Street, London, W1

Burlington Properties instructed us to handle one of the most high profile rent reviews in the West End retail market. We embarked on negotiations with Agents acting on behalf of Abercrombie & Fitch seeking a substantial increase, in what is one of the biggest retail stores in the West End.
It highlighted the fact the lease incorporated a Landlords break clause in January 2016. After extensive negotiations we finished up at principle level. Negotiations were settled amicably with the Landlord achieving a satisfactory increase in rent and the break clause being removed.

Professional | Anthony Lorenz

Architects in 73-75 Hallam Street & 8 Weymouth Street, London W1

Ridgeford instructed The Lorenz Consultancy to negotiate their December 2010 rent review against their Tenant, the Architects Registration Board, which was successfully agreed via Calderbank at an increase from £73,913 per annum to £122,299 per annum.
Ridgeford is a UK property company which specialises in Central London Development.
Architects Registration Board is the statutory regulatory board of architects in the UK and prescribes the standards for architecture competence and practice. Without being on the Architects Registration Board register one is unable to call oneself “architect”.


Professional | Kathryn Sowter

The Moving Picture Company Expansion – 4th Floor, 141 Wardour Street, London, W1

The Moving Picture Company Ltd, a long standing client of the firm, needed space for expansion and subsequently instructed us to secure the acquisition of the 4th floor offices comprising some 4,183 sq ft at 141 Wardour Street, a building where they were already a tenant on the 1st, 5th and 6th floors next door to their HQ. The services of the two buildings are interlinked which made this floor of special interest. A 5 year lease was eventually agreed at a rent of £45.00 per sq ft subject to a substantial initial rent free period.

Agency Acquisition | Anthony Epenetos

Harrow Weald Lodge, 92 Uxbridge Road, London, W12

Elemis approached us to solve an impass that they had with the Landlord on agreeing a 2010 rent review. Since we knew both the Landlord and the Tenant we gave an impartial view with regard to the method of settlement, which suited both parties. The Leisure and Training facility building has on it grounds, 17,000 sq ft of space with extensive car parking facilities.

Professional | Anthony Lorenz

2nd Floor Rear, Clarebell House, 5-6 Cork Street, London, W1

An existing client, Caithness Petroleum needed larger premises to expand and in February 2011 instructed us to acquire the available rear suite on their existing floor. The accommodation comprising some 1,807 sq ft whereby following extensive negotiations we successfully agreed a new lease to expire in January 2015 at a rent of £54,210 per annum (£30.00 per sq ft) exclusive with an 8 month rent free period subject to removing the Tenant only break option from the existing lease on the front space and extending the lease to run co-terminus with the new lease until January 2015.

Agency Acquisition | Anthony Epenetos | Andrew Knights

2nd Floor, 39-45 Shaftesbury Avenue, London, W1

The Lorenz Consultancy and Susan Earl Commercial were jointly instructed by Delfont Mackintosh in November 2010 to market the 2nd floor comprising some 1,676 sq ft which resulted in the letting of the accommodation to Civolution UK Ltd, at a rent of £23.50 per sq ft exclusive for a term expiring 23rd June 2014, subject to an initial rent free period.

Agency Disposal | Anthony Epenetos | Andrew Knights

New Instruction on the Howard de Walden Estate: 12 Queen Anne Street, London, W1 - Self-contained office building comprising 5,505 sq ft

The availability comprises some 5,516 sq ft of office space over the LG to 2nd floors. The demise also includes two 2 bedroom residential apartments that are currently let short term on 3 months’ notice. This self-contained building benefits from period features and high ceilings and has been comprehensively refurbished to a high standard to provide open plan office space and several partitioned offices/meeting rooms.

Floors:
LG - 1,390 sq ft
GF - 1,451 sq ft
1st - 1,333 sq ft
2nd - 1,331 sq ft

Total - 5,505 sq ft + 2 self-contained flats at request

Amenities:
Video Phone Entry
Under floor Trunking
Excellent Natural Light
24 Hour Access
Fitted Kitchens
Good Ceiling Height
Air Conditioning
Period features

Lease:
New lease/s direct from the Landlord for a term by arrangement.

Rent:
LG - £35.00 per sq ft per annum exclusive
GF - £42.50 per sq ft per annum exclusive
1st - £42.50 per sq ft per annum exclusive
2nd - £35.00 per sq ft per annum exclusive

Agency Disposal | Anthony Epenetos | Andrew Knights

The Gherkin, 30 St Mary Axe, London, EC3

Anthony Lorenz was delighted to be instructed on behalf of Super Derivatives in respect of their March 2011 rent review of their offices on 33rd Floor of The Gherkin. Super Derivatives are a leading derivatives solution provider and The Lorenz Consultancy aim to assist the company in their continued success by minimising the rent payable on review.

Professional | Anthony Lorenz | Kathryn Sowter | Kimi Gordon

New instruction: 6-10 Cambridge Terrace & 1-2 Chester Gate, Regents Park, London, NW1 (3,632 - 26,659 sq ft - To Let)

The accommodation comprises 2 interlinked Grade I/II listed office buildings on this prestigious Nash built Regents Park terrace - modernised to offer open plan, bright office space.

6-10 Cambridge Terrace:

Lower Ground - 2,845 sq ft
Ground - 4,426 sq ft
1st Floor - 4,555 sq ft
2nd Floor - 4,499 sq ft
3rd Floor - 3,849 sq ft
4th Floor - 2,853 sq ft
Total - 23,027 sq ft

1-2 Chester Gate
Lower Ground - 837 sq ft
Ground - 551 sq ft
1st Floor - 748 sq ft
2nd Floor - 740 sq ft
3rd Floor - 756 sq ft
Total - 3,632 sq ft

Total area - 26,659 sq ft

The buildings are available either together or separately and individual floors will be let separately.

* Excellent natural light
* 24hr access
* WC's on each floor
* Suspended ceilings
* Two 8 person passenger lifts

We are quoting a rent of £36.00 per sq ft per annum exclusive for a new lease direct from the Landlord.

Agency Disposal | Andrew Knights | Anthony Epenetos

Butler House, 177/178 Tottenham Court Road, London, W1

Lazari investments, a long standing client of the firm instructed us to market the 2nd floor at Butler House, 177/178 Tottenham Court Road comprising some 1,165 sq ft. After a short marketing period we successfully let the accommodation to Admeld Ltd at a rent of £32.00 per sq ft exclusive for a term of 5 years with a Tenant only option to determine on the 3rd anniversary of the term. This was agreed subject to an initial 4 month rent free period and a further 3 month rent free period if the Tenant does not exercise the option to determine the Lease.

Agency Disposal | Anthony Epenetos

Ronnie Scotts, 2nd & 3rd Floors, 46-47 Frith Street, London, W1

And All That Jazz – Ronnie Scott’s have been a long standing client of The Lorenz Consultancy and faced a rent review on their 2nd and 3rd floor offices “above the shop”. The Landlord quoted £82,500 per annum for the two floors, comprising just over 2,100 sq ft and eventually a compromise was reached at £62,000 per annum against a reserved rent of £60,000 per annum, saving our clients over £20,000 per annum.

Professional | Anthony Lorenz | Kimi Gordon

7th Floor, 8-9 Berkeley Street, London, W1

Following extensive refurbishment Consolidated Property Group instructed us to market the 7th floor comprising some 1,193 sq ft where we introduced Integration Consulting Ltd eventually leading to them taking a new 10 year lease at an annual rent of £57.50 per sq ft subject to a Tenant only option to determine at the expiry of the 5th year and a rent free period.

Agency Disposal | Andrew Knights

The Moving Picture Company Expansion – 1st Floor, 141 Wardour Street, London, W1

The Moving Picture Company Ltd, a long standing client of the firm,needed space for expansion and subsequently instructed us to secure the acquisition of the 1st floor offices at 141 Wardour Street comprising 4,693 sq ft in a building where they were already a tenant on the 5th and 6th floors next door to their HQ. The services of the two buildings are interlinked which made this floor of special interest. A 5 year lease was eventually agreed at a rent of £45.00 per sq ft subject to a rent free period of 9 months.

Agency Acquisition | Anthony Epenetos

Clearwater House, 4-7 Manchester Street, London, W1

The Lorenz Consultancy was instructed by Latitude Investments to review and determine whether to approve/grant a license for alterations and to approach the Superior Landlord requesting a license to sub-let which included change of use from A1 offices to A2 use.

To a demand from the Landlord for consideration to change the use and approve the substantive alterations for the proposed Tenant Foxtons to take occupation. Negotiations were entertained whereby the demand was reduced and the costs split between Latitude Investments and Foxtons.

All’s well that ends well and we wish Foxtons every success in their business from this new site.

Professional | Anthony Lorenz

Danesfield House Hotel, Spa Illuminata, 63/63A South Audley Street, London, W1

The Light Shines Brightly, Illuminata - What a magnificent healthspa on the corner of South Audley Street and Alford Street. The Landlord quoted a rent of over £200,000 per annum on the December 2009 review and after extensive negotiation where we almost settled, our client decided to push the Arbitration button. We were pleasantly surprised when the Arbitrator determined £142,000 per annum against a reserved rent of £77,000 per annum in an area where rents in Mount Street and South Audley Street are said to have trebled over the last five years.

Professional | Kathryn Sowter

Hines Europe LLC, Ground Floor, Queensberry House, Old Burlington Street, London, W1

Developer Hines occupied 14,000 sq ft on the 1st floor of the building and having gone through a very successful Arbitration in December 2008, appointed The Lorenz Consultancy to handle its small ground floor office just off the reception area. The Landlord quoted over £100 per sq ft for the space but this was quickly knocked into shape with a settlement being achieved at circa £72.50 per sq ft.

Professional | Anthony Lorenz

Rare Art (London) Ltd, Chancery House, 53-64 Chancery Lane, London, WC2

Rare Art (London) Limited came to The Lorenz Consultancy via their solicitors and occupied approximately 2,000 sq ft on a lease expiring March 2011 where the Landlord endeavoured to impose an RPI formula increase to £95,000 per annum. With the help of their lawyers we found this to be the incorrect method of valuation and embarked on the alternative rent review where the Tenant wanted a longer lease, subject to a rent review and Tenant only break option five years later and settled at less than a £5,000 per annum increase from the existing rent, with a 3 month rent free period thrown in.

Professional | Kathryn Sowter

Chameleon Net, 3rd Floor, 12 Cock Lane, London, EC1

Chameleon Settled Rent Review – Even if the depths of the City, Chameleons do not hide very well. We found that Chameleon.Net have a lease expiry in June 2011 and we acted on their behalf to renew the lease for five years at a rent of only £18.00 per sq ft. We also negotiated a rent free period for our clients as a quid pro quo towards renewal.

Professional | Kathryn Sowter

Extra Space for Art Gallery - 7/7A Grafton, London, W1

Sprueth Magers Gallery, instructed us to secure the acquisition of the 4th floor office space comprising some 1,137 sq ft within their current building at 7/7A Grafton Street, W1. Negotiations led to agreeing a new 5 year lease, to be co-terminous with their existing lease on the ground and lower ground floors. The overall rent was £39.57 per sq ft and a rent free period of 6 months was secured.

Agency Acquisition | Anthony Epenetos

Manhattan Loft, 12 Queen Anne Street, London, W1

A House so Called – The Lorenz Consultancy took instructions from Manhattan Loft to look as whether they could “enfranchise” their long leasehold holding at 12 Queen Anne Street and introduced their usual legal team to their clients. A notice was served on the owners who admitted the entitlement to the claim and negotiations will now be pursued.

Professional | Anthony Lorenz

Pearl & Coutts, 22 Grosvenor Gardens, London, SW1

Pearl and Coutts and their joint venture partner entrusted us to act on their behalf on a Landlord’s January 2010 rent review on an office building let to Alpha Plus Group Limited in the heart of Victoria. This was a tricky one where there were not many comparables on which to rely, but after extensive negotiations the rent was increased from just over £155,000 per annum to just over £171,000 per annum – approximately £31.00 per sq ft.

Professional | Anthony Lorenz | Kathryn Sowter

APTN, The Interchange, 32 Oval Road, Camden Lock, London, NW1

A Newsworthy Review – Long standing clients Associated Press and Television News occupy some 65,000 sq ft of offices at The Interchange just off Oval Road in Camden. The rent review was due in December 2011 but Anthony Lorenz saw fit to get into early negotiation with the Landlord to see if he could avoid what looked like a possible rising market. The reserved rent is £31.00 per sq ft and there is a real risk of rents going through the roof between December 2010 and December 2011. So in November he went to visit his clients in the States and got early instructions to act on their behalf which resulted in the settlement being negotiated at an increase of less than £1.00 per sq ft. Perhaps the rent was marginally above the market rent in December 2010 but potentially well below that which would have been agreed in December 2011. Less than 3% increase over the last five years does not seem so bad says Lorenz.

Professional | Anthony Lorenz

Tramp, 36-40 Jermyn Street, London, SW1

Lorenz may be too old for clubbing but certainly not too old to handle their rent reviews. The famous Tramp nightclub offering some 4,600 sq ft on ground floor and basement faced a massive demand from the Landlords of £350,000 per annum against a current rent of £180,000 per annum. After extensive negotiations a deal was struck at approximately £225,000 per annum only payable from March 2011.

Professional | Kathryn Sowter

Really Useful Theatres Ltd, Her Majesty’s Theatre, Haymarket, London, SW1

The Lorenz Consultancy on Stage – We even get involved in the theatre market, where we act for Andrew Lloyd Webber’s Really Useful Group. Her Majesty’s Theatre offering some 1,161 seats, some of which are lost for bigger stage productions, was due in August 2010 and the Landlord’s quoted £395,000 per annum against the reserved rent of £275,000. The settlement was achieved closer to the reserved rent than the quoting rent but is maintained as being confidential.

Professional | Anthony Lorenz

Bonhams, 2 & 4 Relay Road, London, W12

Bonhams usually “knock down” an auction item but they chose The Lorenz Consultancy to knock down their Landlords dilapidations claim on two warehouses they occupied at 2 and 4 Relay Road respectively. After a quote of almost £500,000, they eventually exited, paying approximately £220,000 – a fair settlement indeed.

Professional | Anthony Lorenz

Unit D, Poplar Park, Avonmouth, Bristol, BS11

Elemis Ltd, major players in the spa and products industry and another longstanding client of The Lorenz Consultancy instructed us to relocate their UK headquarters from Bridgewater to Bristol. The urgency of the requirement meant that we could not explore the design and build route, however after a short period we located Poplar Park, a new development by Terramond where subject to further development to increase the office content we successfully acquired Unit D comprising some 53,878 sq ft on a 15 year term at a rent of £6.50 per sq ft with an extensive rent free period.

Agency Acquisition | Anthony Lorenz | Andrew Knights