The client approached DeVono Cresa as they wanted to dispose of their existing retail space, with the aim to downsize into a new premises.
DeVono Cresa hastily provided a detailed report to advise on multiple areas of consideration, including premium levels achievable and key marketing recommendations.
Detailed advise was given on both the desired areas and the respective budgets to consider.
DeVono Cresa created an effective marketing strategy which lead to the obtainment of an offer from one party, which was acceptable to the client. Heads of Terms were drafted up for the assignment.
After applying for a licence to assign, DeVono Cresa began to engage in various conversations with the landlord of the Maddox Street property, which led to a detailed discussion entailing the opportunity to surrender the leasehold interest of the client’s retail space.
A deed of surrender was quickly agreed following DeVono Cresa’s negotiations and a premium of double the initial offer was achieved.
By: Kirsty MacGregor