MBL’s new home is this prominent multi-let office building close to Altrincham town cwntre.
Sometimes, relocation can present unexpected challenges. And so it was for a new client of ours, MBL (Business & Tax Advisers) Ltd. It provides specialist accountancy and tax advice to the property, creative and family owned business sectors. See www.mbl.solutions
The firm’s offices at Altrincham Business Park became surplus to its needs in 2021. They had interest in their lease from a neighbouring tenant. However, it was proving difficult to secure consent from the landlord to the assignment of their lease. In the meanwhile, MBL were under intense pressure to commit to a newly available suite in Fairbank House (pictured above).
‘TAG were recommended to us by our solicitor when we needed to dispose of an office building that was surplus to our requirements. Despite some significant challenges which threatened to derail the transaction, they were able to re-structure the terms in such a way that each party was satisfied with the result.’
Mike Bulcock, Managing Director of MBL.
MBL’s office building at Altrincham Business Park
The solicitor acting for MBL, Andrew Marsden of HHB Law, kindly suggested that TAG should be asked to review the transaction and offer its advice. We reviewed the case and recommended that the deal ought to be re-structured as a sub-letting instead of a lease assignment. We then proceeded to negotiate terms for a new sub-lease with the interested party. As part of that process we secured the advance payment of 12 month’s rent and a contribution towards the cost of a Schedule of Condition survey taken just prior to handover. This approach allowed the disposal to proceed far quicker and smoother than the original assignment route whilst mitigating the bulk of MBL’s contingent lease liabilities.
We also went on to review the heads of terms for MBL’s new offices and were able to negotiate some enhancements which will help further protect MBL’s interests going forward.
If you are experiencing similar challenges with an office disposal or a new acquisition, please call Martyn Markland on 0161 457 1422 or email him at mm@tenantag.co.uk