Leading commercial property consultancy Lambert Smith Hampton (LSH) has helped a national retailer move to the next stage of its major expansion plans.
LSH was appointed by The Works – the leading family friendly value retailer of art and craft materials, stationery, books, toys and gifts – to identify a new occupier after it vacated its 95,000 sq ft premises at 5ive Midpoint Park, Minworth, near Sutton Coldfield.
When the company moved to a new 183,000 sq ft headquarters at Birmingham’s Hams Hall Distribution Park, LSH successfully negotiated the lease surrender at Minworth – 18 months prior to its break point in September 2018.
The surrender of the lease went ahead when landlord, Legal & General, completed a new lease to material management solution firm All Metal Services. CBRE represented All Metal Services and Legal & General was represented by JLL.
Matt Tilt, associate director to LSH’s industrial and logistics team in Birmingham, said: “The Works is a fast-growing retailer with a very strong reputation, with an exciting future ahead.
“The move to the new headquarters is important for the company, but rendered 5ive Midpoint Park surplus to its requirements. Drawing upon our expertise and extensive contacts, we were able to successfully market the unit and find a new tenant in just three months. It is a quick turnaround and a result we are extremely pleased with.
“We have managed to exit our client from the lease 18 months prior to the break date, which we are very proud of, too. It is an excellent outcome for The Works.”
The Works has launched a huge expansion drive to add a further 250 stores over the next five years. This follows its opening of 63 stores over the last 12 months.
Kerry Hughes, commercial director of The Works, said: “We are very pleased with the expert advice and approach recommended by LSH for both the disposal at Midpoint Park and the acquisition of our new head office and distribution centre at Hams Hall.”