Acquisitions, Disposals & Leases.
Property remains important to the retail and leisure sector despite fast changing consumer habits and the steady growth of online shopping. We know how important it is to develop and manage property portfolios and premises and to make them work commercially.
We have one of the leading retail property teams, with Terry Fendt having over 25 years’ experience and Stephanie Kierans over 10 years’ experience. Terry and his team work with landlords and tenants and understand the objectives and concerns of both. We are ideally placed to navigate negotiations to achieve the right result.
We work with nationally recognised shops, restaurants, coffee houses and bars on their property acquisitions. Whilst the nature of the businesses varies, the ultimate goal of each is to secure occupation of their premises as quickly as possible. We support our clients from an early stage in the transaction to make sure this happens.
When our clients want to dispose of premises they are letting, we work to secure either an agreed surrender of the lease back to the landlord or an assignment or the grant of an underlease to a third party.
We help our clients to obtain head leases of premises and then immediately underlet to a third party, often a franchisee. It’s usually necessary to gain the landlord’s consent to the underletting and to manage the different parties involved so that they are kept on tract and focused on the timeline.
Shopping centre units
Sherrards secures retail space for clients in well-known shopping centres. We go out of our way to develop strong relationships with the landlord and have an in-depth understanding of the practical applications of the documents and how the centres are managed. This approach combines our legal expertise with practical know-how. We are well acquainted with complex service charge arrangements and concepts such as turnover rent.
High street units
Many of our clients take retail space in desirable high street locations with the need for planning permission for change of use and/or initial tenant works to the premises. This often means a conditional agreement for lease, which requires careful drafting and negotiation. Often specific rights must be procured from the landlord to enable the premises to be fully operational. Identifying and then addressing these specific business needs is key to the project’s success.
Working with a client on the acquisition of targeted premises as part of their strategic expansion programme, securing the occupation of premises, including acquiring new leases and procuring ongoing occupation of existing premises with renewal/reversionary leases. We have also acted on the relocation of premises within a desirable shopping centre and have assisted with the disposal of premises and the exercise of break options.