The Client’s Challenge
The property was a retail warehouse in the centre of Hinckley let to B&Q plc for a further eight years.
However, there was a discrepancy in the drafting of the original lease which excluded a key portion of the site. This resulted in a gap between the freehold and leasehold demise, an uninsurable issue which significantly affected the marketability of the asset.
The LSH Solution
Following legal advice from the client’s lawyers, we took the opportunity to contact B&Q’s estates team to rectify this issue. Liaising with both the tenant’s and client’s lawyers, we were able to agree a deed of rectification.
Following this, we engaged in a full brochure led PR and marketing campaign and attracted premium offers. The marketing focused on the strong covenant, the limited retail warehousing provision in the town and the long term alternative use of the site in the future.
The property was sold for a price significantly in excess of asking price to a well-known property company who completed the purchase in a timely manner.