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Case Study

Asset Management, Gainsborough House, Newcastle upon Tyne

Gainsborough HouseGainsborough House was acquired by the Investment Department in Newcastle on behalf of clients of Cushman & Wakefield Investors and we were retained to deal with any future rent review/lease renewal instructions in the building.

After settling the 1st floor review, the next events were rent reviews on the 2nd/3rd and part 4th floors which were occupied by a single tenant. This tenant had a break option exercisable at the same date as the review and exercised it.

As the vacation of these floors was likely to have a damaging impact on the overall value of the investment, our focus was to try and secure alternative occupiers for the space.

The most obvious taker for the vacant space was one of the other tenants in the building so we made approaches to see if any of the other tenants would be interested in taking on additional space.

One of the tenants confirmed that they would take the whole of 4th floor on the basis of a coterminous lease with the one that they held on the 1st floor. Revised terms were agreed for a term of years to expire in October 2013.

From the landlord’s point of view, the vacation of the 2nd/3rd and part 4th floors presented them with a large void in the building so the ability to secure a lease on the whole of the 4th floor, together with the 1st floor, to an existing occupier in the building reduced their potential void liability.

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