Wickes

Penrith

PROJECT OVERVIEW

CLIENT
Wickes

LOCATION
Penrith, Cumbria

MARKET SECTOR
Retail

ANDERTON GABLES ROLES
Dilapidations
Project Management
CDM Advisor
Contract Administrator

KEY COMPANIES
Wickes

PROJECT VALUE
N/A

PROJECT DURATION
4 Weeks

PROJECT SIZE
N/A

Project Brief

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Wickes lease was due to expire and the Landlord served a Terminal Schedule of Dilapidations requiring the repair, reinstatement and redecoration of the premises.

Anderton Gables were appointed to provide exit strategy advice to minimise Wickes liabilities.

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Project Summary

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Anderton Gables reviewed the lease documents, and the Landlords Schedule of Dilapidations and inspected the premises.

Valid items within the Schedule were identified and these were assessed as to if they were required to re-let and if they were value affecting.

We then produced a tender package and issued to suitable contractors to provide competitive prices for undertaking the works.

A settlement offer was made to the Landlord in lieu of the works, based upon the cost of undertaking the works (discounted for the flexibility of cash). A deadline was placed on this offer to ensure time to undertake the works remained.

Once this deadline passed the works were completed and the premises yielded up in a condition where no further works were undertaken by the Landlord and no loss of rent or unnecessary professional fees incurred in protracted disputes.

The original landlords claim was £183,000. The cost of the works undertaken by the tenant was £83,000 and no further claim was made by the landlord resulting in a £100,000 saving.