The Client’s Challenge
The landlord was seeking a new occupant for a 20,000 sq ft unit at Samlet Trade Park, located at the Enterprise Park in Swansea. It was to be vacated by a builders’ merchant and the landlord wanted to achieve new long-term occupancy.
The LSH Solution: using a multi-disciplinary approach
Valuations – managing dilapidations
Issue: Dilapidations refer to the condition of a property when a lease ends. Negotiating what the occupier will repair, redecorate or reinstate can be arduous but as LSH manage over 2,000 claims each year, we draw on best practice to ensure a smooth exit at lease end.
Outcome: A settlement was negotiated on behalf of the landlord with the tenant leaving the unit. An agreed schedule of repair was prepared by LSH that would bring the property up to standard with costs covered by the funds negotiated.
Agency – marketing the property
Issue: Securing a new long-term tenancy.
Outcome: By matching the unit’s characteristics with the business needs of specific companies, LSH attracted Go Air, an indoor trampoline park. It negotiated the terms of the deal on behalf of the landlord and Go Air committed to a 10-year lease at a rent of £90,000 per annum.
Building Consultancy – supervising works
Issue: Go Air had a list of requirements, such as the provision of more parking, corporate branding for the building and any changes that would need to be made within a tight timeframe.
Outcome: LSH managed and met the deadline for works including initial attention to roof, brickwork, cladding, electrical and mechanical installations, fire doors and roller shutters plus the team secured more parking provision. With improvements to communal areas, other tenants on the estate also benefitted.
Managing Agent – property and service charge management
Issue: An estate service charge is administered to cover maintenance costs and tenants require audited accounts. Risk items caused within the statutory annual Health & Safety Risk Assessment need to be addressed, as well as ongoing management of maintenance issues. Go Air also requested prominent signage at the entrance to the estate.
Outcome: LSH provided full, audited service charge accounts for the last three years, a huge time saving for the Landlord. We also procure Health & Safety Risk Assessments nationally, passing on reduced pricing to clients.
In addition, we provide a 24/7 Helpdesk Service through eLogbooks which ensures that all tenants are able to report maintenance issues and contractors in a timely fashion. Finally, we coordinated signage so that Go Air would be easily found by its leisure clients.
By calling on our national as well as local expertise, we were able to secure the right outcome not only for the landlord but made improvements at the site to enable other businesses to focus on maximising their trade.