DeVono Cresa specialise in commercial property lease renewals specifically on behalf of commercial tenants/occupiers. We do not on any occasion act for landlords and have drawn this line of distinction to avoid the inherent conflicts of interest that acting for both landlords and tenants would expose us to.
This particular lease event provides tenants with a rare opportunity to take stock and evaluate their position and property needs, for what is most often the next 3, 5, 10 or 15 years. Dealt with properly, it presents us with the potential to effectively leverage an improved position, sometimes vastly so, on behalf of our clients.
We have a proud record of successfully unravelling the situations and the arguments that present themselves at the renewal of a lease. When coupled with our unrivalled knowledge and access to comparable deals being completed in the wider market place, we are able to firstly assess the specifics of each new project, before going on to apply the evidence we uncover to the benefit of our clients.
To ensure the best possible outcome, planning for a lease renewal should typically commence between 12-18 months prior to the end of any existing lease.
All too often this important lease event is simply not considered by tenants until a time too close to their lease expiry date. In many cases the opportunity then to really take advantage of the situation is lost. This is simply due to the vast amount of time needed to professionally address all of the many moving parts that are inherent in a successful lease renewal.
If tenants are to avoid missing these opportunities and have any ambition of achieving positive outcomes that meets their business needs, then a detailed and up to date knowledge of the following is essential;
- Market conditions
- Anticipated trends
- Comparable evidence (up-to-date, actual and detailed)
- Future service charge expenditure
- Development provisions
- Cost Analysis (renewing against moving)
DeVono Cresa have a successful past in representing businesses with Lease Renewals and we actually enjoy the challenge that they bring to our business.
Search here for clients we have represented.