Project summary
- To relet an 11 acre small holding in need of modernisation and improvement as soon as possible to reduce security risks and vacant property charges.
- Identify a long-term sustainable opportunity.
- Maximise rental value.
Solution
- To prepare letting details, advertise, host a viewing day, invite tenders, review applications, interview shortlisted applicants and appoint a new tenant.
- Tenant appointed with a proposal to create a luxury dog hotel and training centre with a hydrotherapy pool.
- Negotiation and agreement of Heads of Terms for the lease and instruct Estate solicitor.
- Agree specification for improvement scheme to the farmhouse.
- Management of the entire process.
Benefits
- Reletting the holding on a long-term (20 year) lease.
- Planning consent for a change of use obtained which has increased the commercial offering on the estate.
- 250% increase in annual rent.
- Tenant has invested in excess of £750,000 in improvements and alterations to the holding.
- Client timescales and objectives achieved.
