Project summary
- A self-contained building in Camden comprising 11,086 sq ft of office space from ground to third floor in which the existing tenant had security of tenure under the provisions of Part II of the Landlord and Tenant Act 1954
- The tenant's financial situation had deteriorated significantly during the lease term, resulting in rent arrears and concerns about their ability to fulfil future lease obligations
- As the tenant decided not to renew the lease, our client instructed us to recover vacant possession of the property at Lease expiry
Solution
- Upon the tenant vacating the property the building consultancy team conducted a dilapidation assessment as the building had various elements that required repair or replacement
- Following settlement of this claim our building consultancy also project managed the refurbishment works which included the installation of a new air conditioning system
- The tenant’s financial difficulties further complicated the dilapidation settlement, as they soon entered liquidation after vacating the premises
- With the tenant in liquidation, the dilapidation claim was directed to the assignor, who had guaranteed the tenant’s obligations
Benefits
- Provided vacant possession and control of the building to our client which allowed them to undertake refurbishment works and reposition the asset
- This helped secure a new tenant on a long lease on improved financial terms
- The assignor settled the claim - The large settlement was crucial in providing the Landlord with the necessary capital to undertake a comprehensive refurbishment
- Effective project management and the delivery of a new AC system was also crucial in attracting the new tenant to the building
