Maugham Mitchell successfully advised client VFS, negotiating their Lease Renewals.

Following client instructions, we initially considered the acquisition of an alternative site from Ford, on Wide Lane, Eastleigh; a site well known to us, through Business Rates advice Chris Sullivan had provided to Ford.

After considering alternative options VFS decided to renew their existing leases, which had been agreed in 2015 by Maughan Mitchell, as long as suitable flexible terms could be secured, a potentially difficult task in a strong warehouse market.

Facing a large increase in rent, on their 66,000 Sq Ft warehouse / production facility, with 140,000 Sq Ft of yard, we entered into detailed lease negotiations, over several months, with JLL, who were advising the estate owner IPIF / Legal & General.

The result was us securing a reduction 20% below the rents initially proposed and levels reflecting the lowest in the region. Further, this was on the basis of very flexible terms, with annual breaks secured after the second year of the agreed 5 year lease. Significant rent incentives were also secured for VFS.

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