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Industrial/Warehouse News
Agents across the country often bemoan the time that deals take to complete but when the ideal scenario of good solicitors can be put together with a landlord and tenant who both want to see a deal complete with all haste, then agents can buck the trend and see deals completed within a matter of days.
Pleasingly, at the end of 2015 this perfect scenario arose at Observatory Way at Kirkby-in-Ashfield, a substantial warehouse of just under 40,000ft² in a prime position off Junction 28 of the M1 at its intersection of the A38.
Tim Gilbertson was able to agree and oversee the conclusion of a deal within just 3 weeks of solicitors being instructed to enable the landlord and tenant to achieve their shared aim of completion of the lease prior to Christmas and occupation for the new tenant in double quick time.
Tim Gilbertson who put the deal together commented:
“This deal was a cracking end to 2015 as it just showed how with positive solicitors on board and a landlord and tenant who both want to see a deal conclude quickly that ‘mountains can be moved’ and leases can be completed within a matter of days. From instruction of solicitors through to completion of the lease and handing over the keys this deal took less than 3 weeks which for a substantial transaction, on a building of just under 40,000ft², is quite remarkable and really bucked the overall market trend where deals seem to progress slower than most parties wish.
The deal concluded sees expanding Derbyshire logistics company, 100 + Logistics take a 5 year lease of the warehouse and we wish them well with their continued success and expansion. From my client’s perspective this has been an ideal end to the year as we have managed to agree and conclude a deal very quickly seeing his portfolio full once more.
This deal also proves testimony to the improved market that we are currently encountering and with supply of good quality space still thin sensible occupiers will be looking to move quickly on any potentially suitable properties in the New Year, as demand seems likely to strengthen and there is no sign of resolution in the immediate future to the current lack of supply the market is encountering.”
The landlord was represented in the legal transaction by Rob Wofinden of Browne Jacobson solicitors and Nigel Green of Bradley and Jefferies Commercial Solicitors acted on behalf of the ingoing tenant, both solicitors acting extremely quickly to ensure a speedy and successful conclusion to this deal.
For further information on this deal or to see how Tim Gilbertson can help you with the disposal of your industrial or warehouse building please contact Tim on 0115 9507577 or tim@fhp.co.uk.