NRLA recently vacated its London (left) and Manchester offices.
TAG has been appointed to mitigate the lease liabilities of the National Residential Landlords Association (NRLA) following its decision to consolidate its office portfolio.
Hybrid working has changed both the amount and type of office space now being demanded by tenants. This has resulted in many organisations realising that they have either more space than they need or that it is in the wrong location or configuration, or in some cases, a combination of all three.
It is no surprise therefore that a growing number are choosing to operate break options at the earliest opportunity or vacate at lease expiry rather than renew.
Unfortunately, the process of vacating a commercial property is rarely as simple as just handing back the keys to the Landlord. This is because a tenant’s lease liabilities are likely to endure well beyond lease termination date, at least in the eyes of the Landlord!
The National Residential Landlords Association (NRLA) is the UK's largest membership organisation for private residential landlords in England and Wales, supporting and representing over 100,000 members.
It may surprise some that an organisation that champions the interests of landlords should appoint Tenant Advisory Group as its commercial property adviser. However, NRLA recognised the value in appointing an adviser that acts exclusively for tenants in an area as contentious as dilapidations.
The risk of conflicts of interest developing can be significant particularly if an adviser acts for Landlords as well as tenants. Indeed, this was the case here. NRLA’s previous adviser, OBi, act for one of its landlords so the conflict of interest was clear.
If you would like more information about our Lease Liability mitigation services, please call Martyn Markland on 0161 817 5007 or email him at mm@tenantag.co.uk.