GARDEN CENTRE, NOTTINGHAMSHIRE
Project: Lease advice on commercial property
Client: Commercial client
Services provided: Lease advice
Contract value: Undisclosed
Daniel Connal Partnership was appointed by the client to ascertain future liabilities in advance of the expiry of their commercial lease of garden centre premises in Nottinghamshire.
The commercial premises is located on the edge of an historic estate. The 11.56 acre site is made up of multiple structures, dating from the 1800s to the present day and is surrounded by a 5m high period boundary wall, topped with coping stones.
The client had been assigned an existing commercial lease. In addition to being tenants, they were also landlords, as they had sub-let a number of their leased premises. As landlords they have specific responsibilities under the Minimum Energy Efficiency Standards (MEES).
Prior to undertaking our inspections we made a thorough review of the lease. Our report identified any breaches in the lease covenants and provided approximate costings to rectify these breaches. With over 6 years remaining on the lease we had to use our expertise to forecast potential future liabilities as well as existing breaches.
We carried out a detailed inspection of all the demised land & properties over two days, including the use of a drone for high level wall and roof inspections. This activity was followed up with a desktop study to revisit the lease and all associated documents (deeds of assignment, licences to alter, etc) including reference to the MEES regulations.
Our comprehensive report highlighted the potential financial liability of our client well in advance of the end of the lease. A very prudent commercial move ensuring they are fully informed as they plan either an exit strategy or renewal of their lease for the future.