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 Mackinnon of Cushman & Wakefield acted as our advisor on a recent project to negotiate new terms on a lease renewal for our Sheffield HQ including the construction of a 30,000 sq ft factory and office extension. Niall was careful in understanding our requirements and proposed a number of innovative solutions, options and pricing models to fulfill our needs. Niall was highly professional throughout and after months of discussion and hard negotiation, we reached an agreement with our Landlord and his professional team. This comprised a new long term lease on very competitive terms, with a substantial contribution from the landlord by way of a cash payment.”
Pete McDermott – Operations Director, Ancon Building Products