News

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Peacocks – lease extension

We were asked by Peacocks to look at an extension of their lease on a strong trading store in Yorkshire town where the expiry was two years away. The rent payable was £128,500 per annum. After lengthy negotiations, we agreed a further 5 year extension and reduced the rent to £100,000 per annum. We also secured 18 months of rent free. Our client saved a total of £292,500 over this 5 year period as a result.

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Pure Gym – property acquisition

This fast growing company sought a new outlet in a Kent town. The rents were too expensive so we commenced negotiations on space at a first floor level whilst putting another client into the ground floor. This way they split the cost of the rent and both obtained around 15,000 sq.ft of space within their required budget and with A1/D2 planning use.

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Poundstretcher – store surrender

The business had two stores in a Berkshire town and asked ALTORE to enter in discussions with the landlord to ascertain whether they could surrender their lease on one of these. There was a dilapidations liability at the end of the lease estimated at between £50,000 and £100,000. The store also had a rent review approaching which would have increased the rent by some 20%. Following discussions, ALTORE secured a capital payment from the landlord of £125,000 and managed to waive any liability for the dilapidations.