How to Succeed in a Landlord Market

 
Please see below for details of how to obtain a copy of this latest publication.

Please see below for details of how to obtain a copy of this latest publication. 

I witness tenants on a daily basis making basic errors in the management of their property interests. The idea behind publishing these simple tips is to demonstrate that taking professional advice can save significant sums of money and management time, even allowing for the upfront cost of that advice. 

This basic guide contains real life examples of how over the years we have saved millions of pounds for our clients by ensuring that their interests are protected effectively when dealing with professional landlords and their advisers.

It sets out some simple yet often overlooked pitfalls that anyone responsible for leasing commercial premises should have at the front of their minds at all times.

If you would like a copy of ‘How to Succeed in a Landlord Market’ please email info@tenantag.co.uk and quote ‘How to’ in the subject line.

 

New horizons for Caspian

 
Preston gained “city” status in 2002 and has a population of 141,800 (2016).

Preston gained “city” status in 2002 and has a population of 141,800 (2016).

Caspian Insurance is growing fast and is now looking to develop its North West presence further by opening an office in Lancashire’s administrative centre, Preston.

We relocated Caspian’s Manchester headquarters back in June 2018. The business provides life insurance brokerage services to a range of corporate and domestic retail clients.

TAG has now been tasked with identifying buildings in and around Preston city centre that can provide up to 2,000 sq.ft. of self-contained leasehold accommodation with good on-site parking and proximity to local public transport.

Viewings are scheduled to take place in late March and Caspian hope to be open for business by Q3 2019.

If you would like advice on an office relocation either in Manchester or elsewhere in the UK, please call Martyn Markland on 0161 457 1422 or email him at mm@tenantag.co.uk.

 

Portfolio Dilapidations

 
Irwell Valley occupies around 20,000 sq.ft. of offices space in three separate locations including two floors (11,000 sq.ft.) at Paragon House in Old Trafford.

Irwell Valley occupies around 20,000 sq.ft. of offices space in three separate locations including two floors (11,000 sq.ft.) at Paragon House in Old Trafford.

As Irwell Valley plan their exit from three existing buildings, they want to ensure that they minimise their dilapidations and re-instatement liabilities. As ever, the drafting of each individual lease contract is critical.

In my experience, dilapidations and re-instatement liabilities are often misunderstood by tenants. Most see them simply as an obligation to re-decorate and make good. The reality can be quite different, however. For example, in one recent case we negotiated a nil cash settlement. Twelve months earlier, the landlord had quoted our client £192,000 to “redecorate and make good”!

When applied correctly, concepts such as diminution and supersession can dramatically reduce a tenant’s liability. Similarly, a well-documented lease with a Schedule of Condition or a standard handover specification attached to it, can also have a significant impact. The key is taking professional advice at the earliest opportunity and ideally, at the start of the property acquisition process. That way, many of the hidden traps and pitfalls that tenants often encounter can be avoided.

If you are nearing the end of a lease or you about to acquire new premises and would like advice on your repairing and/or re-instatement liabilities, please call John Crowley on 0161 457 1422 or email him at jc@tenantag.co.uk.

 

Liverpool and Glasgow calling

 

Inenco’s offices in Glasgow and Liverpool could not be more different.

Inenco are one of the UK’s largest energy management groups accounting for around 25% of all energy bills.

We have recently been tasked with reviewing property costs and lease liabilities at two of Inenco’s regional offices. The Liverpool office currently houses around 200 staff whereas the Glasgow office has been vacant since 2015.

Both properties present some interesting challenges. For example, in Liverpool we will be auditing service charges over the last six years to see if any over-payments have occurred. In Glasgow, we will be focusing on the company’s dilapidations and re-instatement liabilities and investigating whether the existing lease can be assigned to a new tenant.  

If you would like advice on how to manage or dispose of your lease liabilities either in Manchester or elsewhere in the UK, please call Martyn Markland on 0161 457 1422 or email him at mm@tenantag.co.uk.