Case Study: Albany Trading Estate, Chorlton
Circumstances prior to our instruction.
- Small Trading Estate 16 units let to Local Authority and sub-let
- Lease to Local Authority was coming to an end
- Premises were in very poor condition despite FRI lease
- 9 units occupied, 7 units vacant
- Passing rent
- Sub rents below market rents
Our instructions from June 2009
- Advise on dilapidations
- Renew subleases on full market terms
- Let the vacant units
- Manage the estate.
- Dilapidations settled, six figure settlement.
- Repairs implemented and estate upgraded
- All sub-tenants transferred to modern FRI leases with service charge and on full market rents
- All vacant units let despite difficult market
- Rent roll increased by over 15%