News / Deals

The Works renews at Market Gate Shopping Centre

Category: General, Shopping Centres, Valuations & Lease Advisory, Latest Deals, 

On behalf of Roubaix Asset Management, Martin Foster in our Lease Advisory team has recently completed the renewal of the lease to The Works for another 5 years.  The Lancaster scheme has recently been redeveloped and refurbished and saw the opening of the long awaited new Primark store in August. “The Works recognised the potential of the scheme even in the mist of the building work transforming the old market hall into the Primark store, and were eager to commit to another lease.  The Centre looks well set to capitalise over the next few years.” according to Martin.

Savers renews at The Gates Shopping Centre

Category: Latest Deals, Valuations & Lease Advisory, Shopping Centres, General, 

On behalf of Clearbell Capital Martin Foster in our Lease Advisory team has recently completed the renewal of the lease to Savers for another 5 years.  The Durham scheme is currently in the midst of its transformation to The Riverwalk retail and leisure destination anchored by a 6-screen Odeon cinema. “It’s great news that existing tenants can see the potential of the transformed scheme well over a year to completion and are looking to renew now” according to Martin.

 

More sweet stuff at Normanton for Napier Brown Sugar

Category: Valuations & Lease Advisory, General, Latest Deals, 

Martin has recently completed a lease renewal for Napier Brown on their 60,000 sqft Normanton depot, ensuring they’ll be processing the sweet stuff in West Yorkshire for another 10 years.

 

Party On ........

Category: Latest Deals, Valuations & Lease Advisory, General, 

Fawley Watson Booth have concluded the negotiations on behalf of the tenant to renew the lease on Party Town’s shop on Ecclesall Road in Sheffield.  Head of Lease Advisory Martin Foster confirmed that the tenant will benefit from a reduction in the rent from £22,500pa to £17,750pa – “the local students can look forward to buying their Freshers’ Week outfits for another few years yet”.

Party Town

 

 

Dilapidations valuations

Category: Valuations & Lease Advisory, General, 

The amount claimable under a dilapidations claim doesn’t always equal the cost of the works needed to deal with the defects.  Section 18(1) of the 1927 Landlord & Tenant Act restricts the claim to the amount of the landlord’s loss, or diminution in value.  This valuation approach to claims is explained in an updated Information Paper issued by FWB, which you can download here.

Our Head of Lease Advisory & Valuation, Martin Foster also refers to a case from last year, where the court dismissed “finger in the air” valuations and called for a “reasoned” approach, concluding that the correct valuation approach produced a claim of £900,000 as opposed to the cost of works approach of around £3m.

Contact Martin for more details, or help formulating a reasoned approach to your dilapidations valuations.

Sunderland renewals

Category: General, Shopping Centres, Valuations & Lease Advisory, Latest Deals, 

Fawley Watson Booth can confirm that two more tenants have recently completed lease renewals at The Bridges Shopping Centre. Supernews and Lonsdale Boxing, both in external units on Market Square and Crowtree Road respectively, have both signed 5 year leases.

 

Head of Lease Advisory Martin Foster, who negotiated both deals for landlord Land Securities plc, commented “The Bridges has maintained strong occupancy levels throughout the downturn of the last few years, and the 5 year leases demonstrate retailers’ confidence in The Bridges as Sunderland’s pre-eminent shopping location as the economy moves into recovery phase”.

Fawley Watson Booth also act as joint leasing agents for the landlord.

 

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