Below is a selection of some of the transactions that we have recently completed on behalf of clients –
LEIGHTON BUZZARD
Acting on behalf of the CO-OP, PF RETAIL negotiated a new Full Repairing and Insuring Lease for 15 years, 5 yearly rent reviews cap and collared, at a commencing rent of £15.50 per sq ft for a unit providing 4,500 sq ft with a 3 month rent free period.
CLAPHAM JUNCTION
Acting on behalf of EAT, PF RETAIL negotiated a new Effectively Full Repairing and Insuring Lease for a term of 10 years, with a rent review at the 5th year, at a commencing rent of £95,000 per annum exclusive for the shop unit and an additional £3,500 per annum for a remote storage area with a 3 month rent free period.
BIRMINGHAM
Acting on behalf of the Jaffer Group, PF RETAIL negotiated a new 10 year existing full repairing and Insuring lease, with 5 yearly rent reviews, at a commencing rent of £31,800 per annum exclusive.
BRIGHTON
Acting on behalf of LEON, PF RETAIL negotiated a new 15 year Full Repairing and Insuring lease, with 5 yearly rent reviews, at a commencing rent of £110,000 per annum exclusive.
SUTTON
Acting on behalf of the Patisserie Valerie, PF RETAIL negotiated to remove the break clause in a lease to expire on 31st January 2022, at a passing rent of £52,500 per annum exclusive, in return for documenting the rent review at nil increase and receiving 4 months’ rent free.
BROCKLEY
Acting on behalf of the CO-OP, PF RETAIL negotiated a new Full Repairing and Insuring Lease for 15 years, 5 yearly rent reviews cap and collared, at a commencing rent of £65,000 per annum exclusive for a unit providing 3,900 sq ft with a 6 month rent free period.
MANCHESTER
Acting on behalf of Philpotts, PF RETAIL negotiated to renew the lease for a one year period, with mutual monthly rolling breaks, at a rent of £20,000 per annum exclusive.
WALTON ON THAMES
Acting on behalf of a private landlord, PF RETAIL negotiated the freehold sale of a property let to Lloyds Bank at a rent of £80,000 per annum exclusive.
RINGWOOD
Acting on behalf of Sainsbury’s, PF RETAIL negotiated terms with Motor World to enter into a new Full Repairing and Insuring sub Lease for 5 years at a commencing rent of £27,000 per annum exclusive with no rent free period.
RINGWOOD
Acting on behalf of Sainsbury’s, PF RETAIL negotiated terms with the existing tenant to surrender their lease with a back to back to letting to Coffee#1 who entered into a new Full Repairing and Insuring sub Lease for 15 years at a commencing rent of £27,000 per annum exclusive.
CHISWICK
Acting on behalf of Kindneat, PF RETAIL negotiated terms to sell the investment where O2 was the tenant, with a lease expiry in 2018, paying a rent of £65,000 per annum exclusive to a private investor for £1.3 million.
STAINES
Acting on behalf of Kindneat, PF RETAIL negotiated terms to sell the investment where the tenant was paying a rent of £37,500 per annum exclusive to a private investor for £550,000.
BASINGSTOKE
Acting on behalf of Patisserie Valerie, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, with 5 yearly rent reviews, tenant only break at year 5, at a commencing rent of £70,000 per annum exclusive with 12 months’ rent free and a capital contribution towards fitting out.
CHESTERFIELD
Acting on behalf of Patisserie Valerie, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, with 5 yearly rent reviews, tenant only break at year 5, at a commencing rent of £48,750 per annum exclusive with 6 months’ rent free.
BEDFORD
Acting on behalf of TUI (trade as Thomson and First Choice), PF RETAIL negotiated a new 5 year Full Repairing and Insuring lease, at a commencing rent of £30,000 per annum exclusive with a 6 month rent free period.
GROSVENOR STREET – LONDON
Acting on behalf of Anine Bing, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, at a commencing rent of £225,000 per annum exclusive with a 6 month rent free period.
TUNBRIDGE WELLS
Acting on behalf of a private landlord, PF RETAIL negotiated terms with the tenant, Patisserie Valerie, to regear their lease, at a rent of £44,000 per annum exclusive with 3 months rent free period.
ORPINGTON
Acting on behalf of ADIL Group, PF RETAIL negotiated terms with an independent occupier to enter into a new Full Repairing and Insuring Lease for 10 years, without break, at a commencing rent of £25,000 per annum exclusive with 3 months’ rent free period.
BAKER STREET – LONDON
Acting on behalf of Za’ta, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, at a commencing rent of £145,000 per annum exclusive with a 3 month rent free period.
SHEFFIELD
Acting on behalf of Greenridge, PF RETAIL negotiated terms with the tenant, Poundland, to regear their lease, at a rent of £36,000 per annum exclusive.
RENDLESHAM
Acting on behalf of the CO-OP, PF RETAIL negotiated a new Full Repairing and Insuring Lease for 15 years, 5 yearly rent reviews cap and collared, at a commencing rent of £68,000 per annum exclusive for a unit providing 4,000 sq ft with a 6 month rent free period.
DOVER
Acting on behalf of the CO-OP, PF RETAIL negotiated a new Full Repairing and Insuring Lease for 15 years, 5 yearly rent reviews cap and collared, at a commencing rent of £70,000 pax for a unit providing circa 4,000 sq ft.
MILTON KEYNES
Acting on behalf of Neds Noodle Bar, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease with a tenant only break in year 5, at a commencing rent of £50,000 per annum exclusive with a 10 month rent free period and a capital contribution of £30,000.
TUNBRIDGE WELLS
Acting on behalf of a private landlord, PF RETAIL negotiated terms with the tenant, Patisserie Valerie, to surrender their lease with a reverse premium and simultaneously relet it to Gloria Jeans Coffee on a new 10 year lease with 6 months’ rent free (3 months’ rent free followed by half rent for 6 months) at a stepped rent commencing at £35,000 per annum rising to £40,000 per annum in year 5.
COVENT GARDEN – LONDON
Acting on behalf of an international retailer, PF RETAIL has negotiated terms on 19,500 sq ft office space located in a prime position by the tube station. The client entered into a new 10 year lease with a tenant break in year 5, at a rent in excess of £1,450,000 per annum with a 12 month rent free period.
SOUTHAMPTON
Acting on behalf of TUI (trade as Thomson and First Choice), PF RETAIL negotiated a new 5 year Full Repairing and Insuring lease, with a tenant only break in year 3, at a commencing rent of £100,000 per annum exclusive rising to £120,000 per annum exclusive in the 3rd year, with a 6 month rent free period.
BATH
Acting on behalf of ITSU, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, with a rent review at the 5th year, at a commencing rent of £95,000 pax in years 1 and 2 rising to £105,000 pax in years 3 and 4 and £110,000 pax in year 5, with a 12 month rent free period commencing from the date of completion.
WOKING
Acting on behalf of ITSU, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, with a rent review at the 5th year and tenant only break clause, at a rent of £75,000 pax, with a 9 month rent free period commencing from the date of completion.
SELLY OAK RETAIL PARK – BIRMINGHAM
Acting on behalf of The Eye Collective, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, with a rent review at the 5th year and tenant only break clause, at a rent of £40,000 pax, with a 6 month rent free period commencing from the date of completion.
SYMONS STREET – LONDON
Acting on behalf of Anine Bing, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, at a commencing rent of £130,000 per annum exclusive with a 6 month rent free period.
CRIBBS CAUSEWAY, BRISTOL
Acting on behalf of ITSU, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease with a rent review at the 5th year and tenant only break clause, at a commencing rent of £140,000 pax in years and a 12 month rent free period commencing from the date of completion.
BROMLEY
Acting on behalf of ITSU, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease with a rent review at the 5th year and tenant only break clause, a significant capital contribution and a 12 month rent free period commencing from the date of completion.
GUILDFORD
Acting in a joint capacity on behalf of Neptune, PF RETAIL negotiated a simultaneous surrender of their existing lease at 171 High Street and the grant of a new lease for a term of 10 years, with a tenant only break clause in year 6, at a commencing rental of £140,000 per annum with a 12 month rent free period.
WOODGREEN
Acting on behalf of ITSU, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease with a rent review at the 5th year at a rent of £77,500 pax and a 12 month rent free period commencing from the date of completion.
CHESTERTON
Acting on behalf of Neptune, PF RETAIL negotiated a sale of 0.8 acres of land at a price of £525,000.
BIRMINGHAM
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL regeared their existing lease by removing the break clause, negotiated the current passing rent from £240,000 pax to £150,000 pax with 3 months’ rent free taken as half rent along with changing rental payments from quarterly to monthly.
EAST GRINSTEAD
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL negotiated a renewal of their sublease to Greggs PLC, for a further 2 years, with a break clause after the 1st year of the term, at the same passing rent along with a contribution towards their legal costs.
LAKESIDE, THURROCK
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL regeared their existing lease by removing the break clause negotiated the current passing rent from £260,000 pax to £160,000 pax with 3 months’ rent free along with changing rental payments from quarterly to monthly.
COVENT GARDEN, LONDON
Acting on behalf of Anine Bing, PF RETAIL negotiated a new 10 year Full Repairing and Insuring lease, tenant only break in year 5, at a commencing rent of £135,000 per annum exclusive with a 6 month rent free period and half rent for 12 months.
DERBY
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3, at a rent of £70,000 pax with a significant incentive.
EXETER
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL regeared their existing lease by removing the break clause, negotiated the current passing rent from £98,000 pax to £79,500 pax with a one year reversionary lease commencing the day the current lease expires along with changing rental payments from quarterly to monthly.
BLUEWATER
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL renewed their existing lease for 5 years and negotiating a reduction in rent with 6 months incentive along with changing rental payments from quarterly to monthly.
MILTON KEYNES
Acting on behalf of Tortilla, PF RETAIL has negotiated a disposal of their lease which was held by way a 15 year lease from November 2022, at a rent of £40,000 pax or 8% of turnover, whichever is the higher, to a franchise of Pret A Manger for nil consideration.
ENFIELD
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL renewed their existing lease inside the Act for a term of 5 years with a tenant only break in year 3.
HEMEL HEMPSTEAD
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL negotiated terms with their landlord to renew just the ground floor only, allowing the freeholder to convert the upper parts into residential, inside the Act for 5 years with a tenant only break in year 3 and a significant capital contribution.
EPSOM
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3, at a rent of £27,500 pax.
SOUTHEND
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3,with a reduced rent of £22,500 pax.
HARROW
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to agree a new 5 year term at a rent of £40,000 pax with a nominal rent free.
REDDITCH
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3, at a reduced rent of £30,000 pax.
FENCHURCH STREET – LONDON
Acting on behalf of ITSU, PF RETAIL negotiated a new sublease at a commencing rent of £90,000 pax with a 12 month rent free period commencing from the date of completion.
KINGSTON UPON THAMES
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3, at a rent of £115,000 pax with a 12 month package assuming the break isn’t exercised.
BASILDON
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3, at a rent of £55,000 pax with a 12 month package.
TRAFFORD CENTRE – MANCHESTER
Acting on behalf of ITSU, PF RETAIL negotiated a new 10 year lease, with a tenant only break in year 5, at a commencing rent of £275,000 pax with a 9 month rent free period commencing from the date of completion.
MEADOWHALL – SHEFFIELD
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to relocate their premises and enter into a new 5 year lease, at a rent of £190,000 pax.
WOKING
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3, with a reduced rent of £40,000 pax.
BURY ST EDMUNDS
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3, at a rent of £26,000 pax.
WOODGREEN
Acting on behalf of ITSU, PF RETAIL negotiated a disposal of their leasehold interest expiring in circa 8 years’ time at a rent of £77,500 pax to Slims Chicken with a positive premium of £30,000.
CANVEY ISLAND
Acting on behalf of TUI (Thomson and First Choice), PF RETAIL agreed terms with the landlord to enter into a new 5 year lease, with a tenant only break in year 3, at a reduced rent of £15,000 pax