Sainsbury's - West End Retail Park
Against a backdrop of challenging trading conditions in the UK foodstore sector, our brief was to negotiate terms with Sainsbury’s to extend their commitment to the location without any loss of income.
Given that the lease was fast approaching its final rent review, the solution was, in lieu of that rent review, to offer the tenants a longer least but without any reduction in the already significant rent payable, achieved by us at the last rent review.
Through careful negotiation we agreed terms to extend the remaining term of the lease by 10 years at the existing passing rent, in effect to provide:
- 15 x 5 FRI lease
- £24.50 per sq ft
- Inducement restricted to 6 months rent free