As part of a flurry of completions to finish off 2024, acting on behalf of retained clients, Salloway Property Consultants negotiated a deal which has seen the existing tenant’s lease surrendered and at the same time a new 10-year lease entered into with a new tenant.
Unit 17 Enterprise Way comprises a detached 5,500 sq ft industrial/hybrid unit which had been occupied by long standing tenants, Hydratight, prior to their relocation.
Whilst Hydratight had vacated the property, they were still bound by the terms of their lease which had just over 12 months remaining until expiry. Consequently, in conjunction with the tenant’s agent, JLL, the terms of a surrender were agreed.
In conjunction with this surrender, a new tenant was identified and the terms of a new lease were agreed with global risk management and business solutions firm Risktec, who are part of TUV Rheinland UK Ltd.
Chris Keogh, Director at Salloway Property Consultants, who acted on behalf of the Landlord, said: “This was a relatively complicated deal to structure, with the timing and sequence of events ultimately proving to be key to ensure that the surrender of the existing lease and the grant of the new lease occurred simultaneously.
“Whilst there were a few obstacles to overcome during the transaction process, thankfully, we were able to get the deal completed prior to the festive break.”
The landlord was represented by Chris Keogh (Salloway) and Lisa Poole (Gunnercooke), with Max Hearfield (JLL) and Karl Lynch (Ward Hadaway) acting for the former tenant and the new tenant advised by Mark Canning (Canning O’Neill) and Sarah Cowen (Myerson).
