Drugs analysis company Wright Dose were represented by TAG when they acquired space in Charter House in Altrincham back in 2012. With a break option due in June 2017, TAG recommended that Wright Dose should explore its options including relocation.
TAG undertook a formal property search on behalf of Wright Dose in October 2016. This revealed a number of relocation opportunities. It also acted as a catalyst for discussions with Wright Dose’s existing landlord who was keen to retain them as a tenant.
The result of the forward planning exercise was that a new lease was agreed on much needed expansion space adjacent to Wright Dose’s existing suites within Charter House. An appropriate financial incentive was also agreed which meant relocation was no longer financially viable.
This case demonstrates the value of a break option even when relocation seems the only option. By demonstrating to a landlord that you are serious about moving, you can often unlock opportunities that might otherwise pass you by. In this case, the landlord had to move an existing tenant to create the necessary expansion space. This might not have happened if Wright Dose adopted a more passive stance to their break option.