GCW were instructed to advise AXA REIM UK on a rent review 188-191 Western, Road, Brighton where Primark were the tenant of a 30,000 sqft store, one of the largest stores in Brighton.
During the course of negotiations it became apparent that Primark were considering a relocation to larger premises. With only five years remaining on the lease GCW saw this as an opportunity to add value to the investment. GCW’s knowledge of the market provided New Look as the prospective tenant however Primark weren’t amenable to a surrender as the timescale for relocation was uncertain.
As a result GCW recommend a reversionary 15 year lease to New Look at an enhanced rent allowing them to take possession at expiry whilst securing the future income flow from a major blue chip retailer. This resulted in a significant uplift in value for the client whilst avoiding any potential void period or costly incentives being incurred in reletting the property.