Kemper Systems Ltd leases a 16,500 sq.ft. unit at Kingsland Grange, Warrington.
It took over 18 months to ensure that the terms of Kemper’s new lease were in line with the market and that its interests were properly safeguarded.
For over 65 years, Kemper System waterproofing, roofing and surfacing products have been protecting some of the world's most important landmarks and valuable properties including the Empire State Building and Buckingham Palace. With offices in 10 countries, Kemper System membranes protect over 2 billion square feet of surfaces under the most adverse conditions.
TAG’s Lease Advisory surveyor Chris Threlfall was instructed to handle the lease renewal negotiations on behalf of Kemper Systems Ltd back in April 2023.
The industrial property market has witnessed unprecedented rental growth in recent years and no doubt Kemper’s landlord was expecting a significant uplift at lease renewal. According to the leading property market data provider Co-Star, industrial rents in Warrington rose by an average of 7.75% p.a. in the three years ending November 2023.
Lettings in the local market appeared to be achieving close to £10.00 per sq.ft., so the landlord was no doubt confident in its position. But there is a lot more to comparable evidence than just headline rents. In this case, account had to be taken of the ‘effective renewal date’ which was 6 November 2023. Another key consideration was the level of incentives that had been granted to the tenants that had agreed to pay those higher rents when moving into nearby properties. These and several other factors led to a figure of £8.70 per sq.ft. being agreed on Kemper’s unit. In the end, Kemper felt satisfied with the result and the new lease was finally completed in December 2024.
If you need help negotiating a lease renewal with a landlord, please call Martyn Markland on 0161 817 5007 or email him at mm@tenantag.co.uk.