Case Study

In early 2000, Michael Grieveson & Company was instructed by a Far Eastern company to act on their behalf on a rent review of its 23,725 sq ft office and warehouse unit near Brent Cross. Following a careful appraisal of the accommodation and analysis of the market, detailed negotiations ensued with the landlords which eventually led to a significant reduction in the level of rental that was being sought.

A few years later and in view of projected corporate expansion plans, a search began for larger accommodation and a detailed brief was taken from the client in relation to their anticipated requirements. A specific issue for this company was to have a cold store that was sufficiently large to store some of their products. The amount of racking that would be required in the new warehouse was carefully calculated as was the number of loading bays for delivery and subsequent distribution. the amount of office space and meeting rooms that would also be required was also carefully considered.

With the existing lease expiring in 2006, the ideal was to relocate the company so as to minimise any exposure to double overheads. Michael Grieveson & Company undertook a detailed search of the market and provided the company with a selection of possible options for consideration. Numerous properties were inspected so as to draw up a final short-list and eventually a decision was made to acquire a unit that formed part of a brand new development at Premier Park, Park Royal, a landmark scheme by Brixton plc.

The unit that was acquired has an area of approximately 45,000 sq ft with a configuration that was ideal for the company which enabled a specialist cold store to be constructed within it. A new lease was negotiated with the landlords in 2006 for a term of 15 years with an option to break after 10 years at a market rental with a rent-free period towards the cost of fitting out the accommodation.