The challenge
The occupier’s lease was held inside the security of tenure provisions with an imminent expiry date. This could have led to a complicated legal process to secure vacant possession at a proposed block date, potentially resulting in significant costs and void exposure.
The solution
We provided market advice for the re-letting of the accommodation and rents achievable on a short-term basis. We also progressed the pending lease renewal at an early stage. Successful negotiations led to securing the building’s occupier on a term certain to the proposed block date, and agreement to remove the tenant’s security of tenure rights.
