Experience

Some of the projects in which we have been involved include the following:

Rent Review

• Rent review of 4,200 sq ft industrial unit in Inverness for a national double glazing company where we successfully agreed a 15% reduction in the landlord’s quoted rent.
• Rent review of 4,500 sq ft office in Inverness for a large accountancy firm where we successfully agreed a substantial reduction in the landlord’s quoted rent, leading to an annual increase of less than 2%.
• Ground rent review in Great Yarmouth over 0.4 acre industrial site for a global energy company where we successfully agreed no uplift in rent, marking a 45% reduction in the landlord’s quoted rent.
• Various ground rent reviews in Dumbarton where we have successfully agreed reductions in the landlord’s quoting rents between 10 and 20%.
• Rent review of large HQ office building in Glasgow where we successfully agreed a substantial reduction in the landlord’s quoted rent
• Rent review of 4,340 sq ft open plan floor within a refurbished Edinburgh townhouse block, with 2 car spaces included. The landlord wanted to increase the rent to £128,500 pa from its original level of £116,500 pa. After negotiation, we agreed the rent at £120,000 pa, resulting in a £42,500 saving over the 5 year rent review period. Prior to our engagement, the landlord intimated there was no scope for reduction, such that any saving was seen as a victory.
• Rent review of 7,500 sq ft, open plan, Grade A office floor in Glasgow city centre where the landlord wanted to increase the initial rent from £204,000 pa to £255,000 pa. After negotiation, we agreed the rent without conceding any uplift, saving the client £51,000 pa, or £255,000 over the 5 year rent review period.
• Rent review of 5,000 sq ft townhouse office in Edinburgh city centre where the landlord wanted to increase the rent from £99,000 pa to £118,000 pa. We subsequently agreed the review at £101,000 pa, saving the client £17,000 pa, or £85,000 over the 5 year review period.
• Rent review of 110,000 sq ft industrial building in the west of Scotland, where the landlord wanted to increase the rent to £715,000 pa. We agreed matters at £600,000 pa, saving £115,000 pa, or £575,000 over the 5 year review period.
  

Lease Re-gearing

• Industrial building of c. 8,500 sq ft in Aberdeen had lease re-geared to avoid upcoming rent review at which there would have been an uplift in rent, limitation of repairing and other lease obligations in return for a 5 year extension to the duration of lease, whilst acting for international energy company
• Glasgow office lease over c. 9,000 sq ft re-geared to remove a break option, reduce repairing liability, reduce rent over remaining term of lease and agree rent free period. Acting for international energy company.
• Portfolio of 5 let office buildings in Edinburgh totalling c. 30,000 sq ft re-geared to reduce rents by over 30% in return for extended lease duration. Acting for global corporate company.
• Newcastle 8,000 sq ft city centre office lease re-geared to improve lease flexibility, extend duration, allow upgrading works and reduce annual rent by 12%. Acting for UK professional services business.
• Aberdeen 12,000 sq ft industrial sub-lease renewal/re-gear acting for national distribution company.
• Bellshill 16,000 sq ft industrial lease re-geared to extend lease term, adjust lease provisions, 20% rent reduction, 18 month rent free period acting on behalf of national printing company.
• Cumbrian industrial lease re-gear of 5,000 sq ft, along with 5,000 sq ft acquisition over a single lease to reduce rent and give rent free on original section where lease was extended and then agree co-terminus lease over adjacent building at rent less than quoting with long rent free period on behalf of national printing company.
• Staffordshire industrial building of 32,500 sq ft lease extended for 10 years, with a tenant only break at the 5^th anniversary, where the final financial terms resulted in a £138,000 saving over the first 5 years of the lease, when compared with the landlord’s initial rental proposal.
• Cumbernauld industrial building of 20,000 sq ft, plus a substantial yard was subject to outstanding rent reviews at 2016 and 2021, with a lease expiring in 2026. The landlord wanted to increase the rent at 2016 from £120,500 pa to £126,000 pa and was considering a further increase in 2021 when we were asked to assist. After negotiation, we agreed both rent reviews without uplift, extended the lease for 5 years, with 12 months rent free and agreed various lease variations to the tenant’s benefit.
  

Acquisition

• Broker serviced office agreement in Belfast, negotiate new leases of c. 4,000 sq ft in both Glasgow and Edinburgh for global professional services business
• Acquisition of 2,500 sq ft office in Elgin for UK professional business
• Acquisition of 30,000 sq ft Grade A HQ office facility for Global spirits business in Glasgow
• Acquisition of 15,000 sq ft Grade A HQ office facility for UK distribution company in Glasgow
• Acquisition of 3,500 sq ft Grade A office in central London for Global marketing business.
• Acquisition of 33,500 sq ft industrial building in The Midlands for a Global energy business.
• Acquisition of 6,000 sq ft office building in Oxfordshire for UK corporate client
• Acquisition of 5,000 sq ft central Edinburgh office for Scottish financial services business
• Acquisition of 4,000 sq ft fringe of city centre office building for Scottish based, global corporate client.

Consultancy Advice

• Global property advisor to international premium drinks company
• Provide advice across Europe to Global corporate on office and industrial strategy and transaction management and execution
• Provide strategic property advice to UK based corporate client in respect of a largely industrial leased premises, with some due diligence advice connected to corporate acquisitions.