Day 2! Insights 🔎 - A View From...
TUESDAY – Back at home today to work, but moving around the house to find quiet space and a decent wi-fi signal reminds me that the office has all the pluses.
Today I am closing a lease regear for a large Café/Restaurant unit in Central London. In a key tourist location the unit hardly opened at all in 2020, and when I met the Cafe owner over the summer there were just a handful of customers. In this case the tenant was working on a CVA with closure of 4 outlets across London, but we have been able to agree an assignment taking our clients unit outside the CVA.
As part of the deal we recovered all of the service charges due, and 33% of last years rent on completion, 33% of rent was spread over the remainder of 13 years unexpired term with the balance written off. The alternative was to pay fees and costs to find a new tenant, take on costs of a major strip out, and accept a void and 12 month rent free period.
Our private client retains a good operator with enhanced long term income and the tenant can restart the business as soon we come out of lockdown. It was so important to meet the owner at the property and keep in regular contact to help understand the business and build trust, allowing both parties to look forward positively. Being very hands on at Tandem motivates our whole teams to deliver the Asset Managers role, looking for opportunities to reduce void costs, retain and expand current leases and stretch rent over a longer period. Back in London tomorrow on site and preparing a pitch for a key new role as part of our business growth strategy.