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Pleased as Punch with retail result
Humberts Commercial is celebrating solving a complex retail conundrum on behalf of its client Punch Taverns - in no less than eight locations across Hampshire, Dorset, Wiltshire and Berkshire.
The Chartered Surveyors, which has offices in Southampton was presented with a peculiar commercial property problem by Punch when, in a quirk of Landlord & Tenant law fate the company found that leases on eight retail units in the region had reverted to them.
All previously part of the Mountstevens bakery-caf� chain, the high street style retail units had never previously been part of Punch Taverns� operation. The properties reverted to Punch Taverns under complex privity of contract law following Mountstevens� receivership and its receivers� agreement to an MBO for the remainder of the business.
The eight shops ranged in size from 85 sq m to 216 sq m of net retail area. They all had approximately 10 years remaining of current 25 year full repairing and insuring leases � the obligations and rent liability for which had ended up with Punch Taverns, which had no operational use for them whatever.
Humberts task, explains Senior Associate Andrew Archibald, was to quickly and effectively open negotiations with each of the units landlords to find a solution to Punch Tavern�s unexpected and unwanted expansion in its property portfolio. This also involved extensively marketing each of the properties, the majority of which had A3 retail use, to secure new tenants for them.
�Each site came with a different set of complexities, many of which were caused by the nature of the old style leases which were in place,� explains Andrew.
�We have now been able to dispose of all of the units, and in some instances achieved a better deal for the landlord concerned than they would have achieved without the surrender of the original lease.�
In Andover, Humberts delivered �win, win� scenario for all concerned with the introduction of Ladbrokes. They were able to secure a surrender of the lease of 7 High Street Andover from the landlord, which then granted a new, longer lease at a higher rent to the betting giant. Whereas Ponden Mill, the interior furnishings company, have taken 55-57 Market Street, Eastleigh respectively which enabled these leases to be surrendered.
�Humberts brought all their professional and negotiation skills to bear on our behalf,� said Mark Rawson, Estates Manager for Punch Taverns. �Given their regional positioning across Hampshire, Dorset, Wiltshire and Berkshire, they were able to provide an effective solution both in negotiating surrenders with the landlords, but critically, by introducing new tenants which put the landlords in the position of being able to accept surrenders of our leases.�
For futher information on this story, contact:
Contact: Andrew Archibald
Tel: 023 8063 4744
Web: http://www.humberts.co.uk
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