Rent Review: Coldharbour Lane, Hertfordshire
Our Lease Advisory team was originally instructed on behalf of the landlords to deal with the rent review of Unit A (44-46 Coldharbour Lane, Harpenden, Hertfordshire) against a charity tenant.
With the increase in industrial rental values over the last few years, the increase for the purpose of the rent review was going to be significant. As a result this was causing the charity some problems as this branch was going to become unviable. Our team dealt with surrender negotiations as well as marketing the property.
Early interest was obtained from the owner and occupier of the adjacent units B & C. The purchase was complicated by the fact that the buyers wanted to purchase one unit into their company and one unit into their pension fund, proposing to purchase one unit quickly and the other at a later date, as pension transactions tend to take more time.
This complicated the matter further as a split of values needed to be agreed. The sellers were conscious that they did not sell one unit and be left holding the other in the event that the pension fund purchase did not proceed.
We worked closely with both parties, solicitors, valuers and pension fund trustees which resulted in both units selling at the same time.
For further information regarding rent reviews, please contact Mark Bunting, Regional Director, on 01727 843 232 or via email to mark.bunting@argroup.co.uk.