15 year unbroken lease terms aren’t often completed on new deals these days but when the perfect building comes along it still is possible, with the right market knowledge, for agents to achieve such terms.
Tim Gilbertson of FHP has managed that on this occasion with the disposal of 9 Glaisdale Parkway, a superb warehouse on Glaisdale Industrial Estate close to the A610 and Junction 26 of the M1 Motorway, having let 16,000ft² on a 15 year term to expanding body shop operator, Alton Cars.
Not only was a 15 year lease term agreed but also the new occupiers moved in the day after the former occupiers moved out meaning no void for FHP’s landlord client.
Tim Gilbertson takes up the story:
“15 year leases aren’t often agreed these days on existing stock but with high calibre buildings long term leases can still be achieved if you are ‘in the market’ and know potential occupiers who would take such long terms.
Our client here is a long term investor and to bring to them a top quality covenant on a 15 year lease without break is incredibly satisfying as it meets all their investment criteria.
I wish we had more buildings like this available as we could have let this property five times over as it offered good quality warehouse or potential production space with large yard in close proximity to not only Nottingham but also the M1.
This deal shows again that strong terms and lengthy leases can be agreed on good quality space as we continue to receive enquiries on a daily basis therefore our challenge remains, as it has done now for many years, regardless of Brexit concerns, finding the stock available to match up with the demand we have.
Our tenant on this occasion, Alton Cars, were a pleasure to deal with throughout and we wish them well in their expansion as they add a further branch to their existing 13 sites covering Yorkshire, Humberside, Nottinghamshire and Derbyshire.
Neilson Jones, Group Commercial Director from Alton Cars added:
“We have been looking for a site in the Nottingham area for a while now that met our needs both in terms of inside and outside space required, and this site was perfect for us.
We are already well on the way with refurbishing the site and equipping it with the latest in vehicle repair technology and we will be open for business on Monday 19 November. We have already employed 28 highly skilled staff for the site, some of which have already started training with us ready for the site opening. This takes us to 14 sites, with site 15 opening in Keighley near Bradford in February 2019.
We are looking forward to being of service to the people of Nottingham and the surrounding area from mid-November onwards. Our business is going from strength to strength with our group turnover being £32m in 2017 and now with a projected turnover of £41m in 2018. 2019 is already set to be a very exciting year with even more planned growth ahead!
Thanks again to Tim, Chris and all the guys at FHP for all your help with getting this unit signed up and sorted as quickly as we did… great result!”
Tim Gilbertson finished by adding:
“It has been a pleasure to deal with Alton Cars throughout but as always it is disappointing to turn down other potential occupiers for this space. In this sector we have any number of potential tenants or buyers looking for space and I would be delighted therefore to hear from clients new or old in the hope of matching good quality occupiers to good quality buildings.”
