Acquisition & Disposal
Following discussion with a retained client Hiab (UK ) Limited TSR were tasked with brokering negotiations with their landlords, the owners of the long leasehold interest and Coventry City Council (freehold owners) of a large warehouse/office premises totalling approximately 15,000 sqft on a circa 1.75 acre site, situated on Siskin Drive on Middlemarch Business Park close to Coventry City Airport.
With a passing rent of over £200,000 per annum, terms were agreed for the current tenants to purchase the premises and having secured substantial savings on the remaining 7 years of the term. TSR had a property investment company actively seeking opportunities who acquired the property from Hiab simultaneously as this did not suit their business strategy to hold commercial premises long term.
During the course of this TSR were instructed to handle the dilapidations on behalf of Hiab (UK) Limited and these were agreed and undertaken by TSR with the subsequent refurbishments works being supervised by TSR to allow the premises to be marketed in its best light in the testing market conditions.
TSR were retained to market the premises on either a leasehold or freehold basis by the new owners and following on from an active marketing period terms were agreed for a sale of the property to a company based in Scotland and the North of England.