Marks and Spencer Acquisition - Knowsley
Marks & Spencer Plc was occupying a 200,000 sq ft building in South Manchester via a lease which had been agreed by one of their logistics providers. The lease was due to expire in 6 weeks and C&W was asked to establish if an alternative property could be secured on a short term 12 month basis at a lower rent.
C&W immediately carried out a desktop search and, together with our detailed knowledge of the market, we were able to respond with possible options within 48 hours.
At the same time C&W engaged with the existing landlord to establish if a short term lease extension at a lower rent could be agreed.
Viewings were arranged and undertaken of alternative options within a week of receipt of instructions. A viable alternative was identified and negotiations commenced on an alternative option while negotiations with the existing landlord continued.
Within four weeks of the initial instruction a deal had been agreed and solicitors instructed for a new 12 month lease on a 279,000 sq ft unit in Knowsley which enabled M&S to fit the unit out and take occupation within 7 weeks of receipt of instructions.
The deal provided M&S with the short term occupation they required, an operationally superior building and C&W negotiated a lower rent per sq ft than they were currently paying.
The whole acquisition process involved absolute commitment and hard work from all parties but resulted in the whole project being completed in seven weeks when we would normally expect an acquisition of this size to take in the region of 6 months.