Acting for SPX Process Equipment, we have agreed a lease surrender and subsequent new lease of 164/166 Christchurch Road in Ringwood, Hampshire.
The Christchurch Road property totals a 20,779 sq ft of industrial space with 10,000 sq ft of office content. It has been let to SPX Process Equipment, and more recently occupied by Amsafe since 1991. With five years left on the existing lease the tenant no longer required the space.
Lease surrender agreed for former occupier
In identifying other requirements in the market, we drove a deal which surrendered the existing lease and signed a new agreement with Expro North Sea Ltd.
Expro Group is an international oilfield service company, which surveys and manages oil and gas wells from exploration through to development and production. The company is expanding from its Verwood site. It has signed a new 10 year lease on the 50/50 office and industrial premises, at an annual rent of £125,000.
Securing best value for our client
Adrian Whitfield, Director in our South Coast team, commented: “This was a complex transaction, which required us to understand the needs of both the new and incumbent tenants as well as drive a deal that secured the best value for our client. The building has a high office content, which means that the Expro fit-out costs will be lower than more traditional industrial space where there is typically only 10% office content.
“Expro had been searching the market extensively, and we identified the opportunity to surrender for SPX, agreeing dilapidation negotiations and negotiating the lease to benefit all three parties including the landlords, the Trustees of R L Brown.”