Industrial/Warehouse News

When acting for landlords it’s obviously key to not only try and obtain long-term tenants and competitive rental figures, but also to minimise void periods between the departure of one tenant and the start of a new lease to another.

In the latest deal completed by Tim Gilbertson of FHP Property Consultants pleasingly all three key criteria have been satisfied and in particular the complete lack of void period was well received by FHP’s client as Tim Gilbertson comments:-

“I put this building on the market in the last quarter of 2020 and was delighted to do so having let it to the current tenant a few years ago who was moving on to bigger and better things but had a lease running until the second quarter of 2021. With his imminent departure though there was a great opportunity here for us to market the building and try and find a new tenant immediately in the hope that we could then agree an early surrender with the outgoing tenant, allied with simultaneous completion of the lease to a new occupier to ensure no void period or lack of income for our client.

There’s never any guarantee in this scenario that deals will happen this way, but it was great to see that our aims were achieved here as a new long-term lease was concluded to Direct Roofing Systems for their local expansion, providing them with a fantastic new home, and also importantly seeing continuity of occupation and income for our client with the original tenant moving out on the same day that the new tenant took occupation.

A great result all round, and again it’s great to see a locally based company expanding further in modern storage space for which there continues to be a real lack of supply. We wish Direct Roofing Systems well for the future.”

FHP acted on behalf of private pension fund clients and their spokesman commented:-

“It was a pleasure working with Tim Gilbertson at FHP once again who has an excellent knowledge of the local property market. Mindful of the previous tenant’s intention to vacate the property to a larger unit in June, we seized the opportunity and secured Direct Roofing Systems as a new tenant at an improved rent to reflect this resilient market sector. It was important for Direct Roofing Systems to take occupation within an extremely tight timescale but the collaborative effort of all parties concluded the transaction in both a timely and satisfactory manner.”

Direct Roofing Systems are a locally based company and their expansion into the building will hopefully serve them well for their future.

For further information on this deal or to see how FHP can help dispose of your property then please give Tim Gilbertson a call on 07887 787 893 or drop him an email tim@fhp.co.uk.

ENDS

Tim Gilbertson

Director

3 February 2021

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