Ancon Building Products
The property comprises a 100,000 sq ft industrial unit of mid 1990s origin situated in the Lower Don Valley in Sheffield, a traditional engineering and manufacturing location. The client’s lease contained an option agreement calling on the landlord to construct a 35,000 sq ft extension for the tenant, subject to a series of ambiguous conditions. With Ancon’s business expanding, the client considered exercising the ‘call option’ and sought a professional advisor to guide them through the process.
Cushman & Wakefield assembled a multi-faceted team whom identified that the ‘call option’ was in neither parties’ interest. With the assistance of investment appraisals, Cushman & Wakefield were able to exploit the landlord’s position by negotiating revised lease terms, additional landlord’s works and an improved extension specification. Cushman & Wakefield then undertook a project monitoring role ensuring the use of industry leading materials.
- £500k capital contribution
- £600k of additional landlord works to improve site functionality
- Improved lease terms
- Optimum specification negotiated
- Extension constructed
- Project completed within client’s time-frame without business continuity being compromised
“Niall was careful in understanding our requirements and proposed a number of innovative solutions, options and pricing models to fulfil our needs.” - Peter McDermont, Operations Director, Ancon