Southampton – Lease Renewal and Re-gear advice

Acting on behalf of, Paris Smith LLP, a large provincial legal practice, we provided strategic landlord and tenant advice, in relation to the two substantial office buildings they occupied on a leasehold basis.

We successfully negotiated a new lease on their 20,000 sq ft landmark building, with only a modest rent uplift agreed and significant incentives – 50% rent for the first three years of the new lease. This was achieved despite a climate of increasing office rents prevailing at the time, due to a limited supply of available stock.

We also provided advice in relation to their ‘sister’ building which culminated in the removal of a tenant only break clause in return for a nine month rent free period.

The aggregate value of the incentives secured was well in excess of £750,000.

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Alresford, Hampshire - Rent Review advice

Maughan Mitchell acted on behalf of the tenants of three adjoining retail units in the popular market town of Alresford, advising them in relation to rent reviews due under their respective leases.

The tenants, who included Wessex Pharmacies, Fitique and Sole Butchers (who had the same landlord) were served with potentially business crippling review notices proposing rental increases of 60-70%.

We carried out extensive research into transactional rental evidence and pieced together a comprehensive and accurate picture of rents in the area. Armed with this we engaged in detailed negotiations with the landlord’s agent and ultimately agreed much more modest increases of less than 20%.

We also took the opportunity to negotiate lease extensions on behalf of two of the tenants who were keen to preserve their future at the location and used this to leverage incentives from the landlord by deferring the rental increases on review by 12 months and agreeing rent free periods.

Wessex Pharmacies, Fitique and Sole Butchers

Land at Britannia Road, Northam, Southampton – Acquisition advice

Acting on behalf of a private investor Maughan Mitchell advised on the acquisition of a number of industrial properties in Northam, Southampton.

The instruction involved negotiating the purchase of freehold properties from Southampton City Council and also of buildings subject to complicated ground lease arrangements.

Although the transaction was complex involving a number of different interests the client was able, with our support, to acquire strategically important buildings at highly competitive prices to facilitate future business expansion.