CLUMBER STREET LEASE RENEWAL AGREED BY FHP

Professional Services News

The lease renewal on the Lush unit at 17a-19 Clumber Street, Nottingham has been negotiated by FHP on a new 10 year lease at a rental of £100,000 per annum subject to a tenant only break option at the end of the fifth year.

The property which occupies a prime city centre location, contains approximately 950ft² ground floor sales together with ancillary accommodation on the first and second floors.

Lush also undertook terminal dilapidations simultaneously with a re-fit of the branch which highlights their long term commitment to this location.

Mark Bradley who acted for the private landlord throughout the negotiations commented:-

“The agreed rent equates to £170 Zone A which is quite a dramatic fall from the peaks of £250 Zone A achieved during 2005/2006 in Clumber Street but it simply reflects the adjustment in the market which has occurred during the last 5 years and where substantial reverse premiums and large rent free periods have been obtainable in Clumber Street on open market transactions.”

 

For further advice on lease renewals, rent reviews or landlord and tenant matters generally, Mark Bradley can be contacted on 01332 343222 or email markb@fhp.co.uk