British Gas Training Centre, Colthrop Way, Thatcham, Berkshire

This was a modern but tired 1980’s Industrial/Distribution building with approximately 3.5 years left on the lease to Emerson Climate Control. Emerson were shortly to vacate and we started surrender negotiations agreeing a payment in lieu of rent and dilapidations of 2.5 years rent. We simultaneously commenced negotiations with Centrica who were looking for a building to fit out as a British Gas Training Centre. Although they liked the building Centrica would not take it looking tired, with an asbestos roof. We used the payment from Emerson to refurbish and re roof the building. Centrica took a new 10 year lease at a rent 17% higher than the rent Emerson were paying, so the only cost to our client was a relatively short rent free period.

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