We advised on the restructuring of six leases on behalf of UK Power Networks. The buildings totalled approximately 60,000 sq ft across six acres of land.
The leases, due to expire in June 2024, were subject to rent reviews and tenant breaks in June 2019. UK Power Networks were considering relocation but would not be in a position to do so by June 2019. We agreed to drop 2019 breaks in return for breaks in December 2020 and June 2022, and simultaneously settled the reviews at competitive rents.
This gave the client certainty over the rents they would be paying over the remainder of the lease and crucially we secured future break options, giving them maximum flexibility should they want to relocate from one, some or all of the site before lease expiry and at no additional cost.
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