In 2018, we acquired a 33,000 sq.ft industrial unit on behalf of a longstanding property investment client. The single tenanted site was occupied by a well-established manufacturing company who had operated from the site for over 30 years but was seeking additional warehouse space.
Not wanting to lose a much valued tenant and following our advice and client’s subsequent instruction, we successfully negotiated and agreed a new 15 year FRI lease with the existing tenant subject to our client constructing a new 20,000 sq.ft warehouse extension and the tenant paying additional rent on more favourable terms to our client.
However, our client had no previous experience or knowledge of procuring and managing construction projects of this size and nature with a build cost exceeding £1M. Following building consultancy advice given, we were instructed to act as the Employer’s Agent and subsequently dealt with procuring the works involving preparation of the Employer’s Requirements documents and obtaining selective contractor tenders. A Principal Contractor was duly appointed on a Design and Build contract basis with our Building Consultancy team responsible for administering the building contract.
Progress of the works on site proved to be problematic due to such issues as the presence of a high pressure gas pipe running through the site, exceptional wet weather conditions during the contract period and ensuring full compliance and discharge of Local Planning Authority conditions involving adequate flood mitigation measures, bat friendly external lighting and appropriate external landscaping. However, with our good working relationship and assistance from the Principal Contractor, a potential 9 week delay was reduced to no more than 4 weeks meaning the project was completed and handed over to a happy tenant on 16th March 2020………..1 week before the Government announced lockdown in light of the current coronavirus pandemic.
Trevor Dawson’s involvement didn’t end at this point, as our agency team have now been instructed to market the site for sale at a significantly enhanced value than when it was bought in 2018. Please feel free to send an email to us or call to discuss any property related matter you may have and hopefully our team can assist with your business success.