The National Residential Landlords Association recently vacated its offices in both London (left) and Manchester (right).
TAG has been appointed to mitigate NRLA’s lease liabilities 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 handing back a commercial property to a landlord is rarely as simple as just handing back the keys. This is because a tenant’s lease liabilities are likely to persist well beyond lease termination, at least in the eyes of their landlords!
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 an adviser that is tenant rather than landlord focused when it came to dealing with dilapidations and re-instatement issues.
If you would like more information about our Lease Liability services, please call Martyn Markland on 0161 817 5007 or email him at mm@tenantag.co.uk.