Lease transition leads to win:win in Greenwich

Posted on 23 December 2024

Hindwoods was retained by the tenant of a Class E double-fronted unit on Creek Road, Greenwich. The client’s company had a lease until 2028 but the property was no longer required. An outstanding rent review was also likely to increase the rent.

Strategy
Our client sought to surrender the lease, despite having no legal right to do so. Following their surveyor’s recommendation, they approached Hindwoods. We worked closely with all parties to negotiate a solution and secured a new tenant for the landlord which enabled our client to exit their lease early.

Outcomes

Kevin Bright, Director at Hindwoods said, “Our challenge was to use our knowledge and experience to get all three parties to ‘give a little’ to get a deal done. Eventually, the landlord secured a strong tenant at a market rent without a rent review, the tenant was able to exit their lease and remove unnecessary overheads, and the new tenants, Conran Estate Agents, have secured one of the few double shop units suitable for their use in Greenwich town centre.”

Flexibility was required by all parties. At times, each had to take a commercial view to overcome obstacles and achieve a successful outcome. This case demonstrates Hindwoods Commercial’s creative approach to delivering effective, win-win solutions.