The Challenge
We received an instruction to advise Pret A Manger in relation to their forthcoming lease expiry and potential lease re-gear at their retail store at Intu’s Lakeside Shopping Centre.
Key Points
- Retail unit with A3 restaurant use in an off-prime location within the main mall.
- The lease had been due to expire on 18th September 2015.
- Advised client that potential for lease re-gear exists, and reported on expected terms and rental level.
- Subsequently negotiations were entered into with the landlord’s agent.
The Result
The parties reached Heads of Terms on the basis of a new 10 year lease commencing on 29th September 2014, with a tenant break option and upward only rent review at the 5th year. The rental level remained at the previous level of £174,000 per annum (based on 80% of market rental). The tenant received a 6 month rent free period, in return for undertaking refurbishment works.
For more information please contact Martin Black on 020 7526 2010 or e-mail mblack@blackstanniland.com.