Stockport based Fairhurst Estates has some advice for landlords – Give the tenant a break… the market might help you!
Fairhurst Estates Limited (FEL), who act on behalf of nationwide clients, are suggesting that trading conditions have been problematic for some years now. Managing Director, John Thornley commented:
“Many tenants have lease breaks, some
imminent, some within a few years, but all offer the
potential to capitalise upon a weak market and before
trading conditions (hopefully) improve.
“We have approached a variety of landlords to
negotiate substantial incentives, predominantly in the
form of rent free inducements”.
To illustrate the point, Thornley has cited a recent example:
“We approached the landlord of a multi-tenanted building;
in return for removing a forthcoming break we secured a
substantial rent free incentive, inclusive of a landlord’s
contribution to property works.
“This produced significant cash savings to our clients whilst,
at the same time, settling an outstanding rent review at a nil
increase.
“Another client has been eager to explore the potential of
removing lease breaks or extending lease terms in exchange
for incentives in various forms to the benefit of the business
at several nationwide locations. Some of the lease breaks
are a few years away but can still provide opportunities for a
dialogue with a landlord”.
The results of such an approach may be identified as:
Cash incentives More favourable lease terms Landlord’s works
Clearly these benefits help all our clients and further opportunities include:
Delaying a lease break Extending a lease term
FEL are happy to investigate opportunities for Stockport based landlords to provide some initial thoughts and advice on how the market may help with lease breaks.
For further information please contact Howard Elliot-Jones or Nigel Blyth on 0844 879 3613 or 0161 476 9476.
Alternatively email your enquiry to hej@fairhurst-estates.co.uk or nigel.blyth@fairhurst-estates.co.uk.