We acted for a client who had been approached by a leading supermarket to acquire its multi-let commercial site. The supermarket made it clear that it would only purchase if our client managed to produce and then implement a viable strategy to obtain vacant possession.
The site contained around 15 tenants with various time remaining on their respective leases. With the assistance of specialist surveyors, we devised a strategy, dealing with each tenant, which was successfully implemented.
Mark Steggles, the lead Partner in the matter, comments: “the strategy we devised was key to unlocking the development potential of the site that enabled the sale to take place to a high profile purchaser with positive plans for development”.