Wooburn Industrial Park in Buckinghamshire was constructed in the late 1970’s. As the original 25 year leases were about to expire in 2003/04 a medium term redevelopment strategy was devised and planning consent gained for offices. Meanwhile, to maintain income flow and retain flexibility, new leases with mutual break opportunities were granted.

Occupational demand for offices has not so far justified implementing the new planning consent. In 2006 half the tenants exercised the first break opportunity but WFM transformed a difficult situation by good landlord and tenant relationships, understanding tenants’ aspirations and through the effective supervision of an intensive programme of building and legal work.

In what became a game of ‘musical chairs’ WFM brokered several transactions that allowed tenants of good covenant to remain on the 72,000 sq ft estate in premises better suited to their requirements. One that needed larger premises was helped to acquire the lease of a neighbour who wanted to downsize. In turn, the tenant seeking smaller premises was encouraged by virtue of shrewd dilapidations negotiations, minor estate enhancements and low cost works, to take a temporary unit pending completion of works to their preferred property.

Priority was given to existing tenants with good track records who were offered first refusal on vacant units with small rent reductions, avoiding the rent-free periods normally granted to unproven lessees. This strategy has proved invaluable. One tenant who was helped in this way chose to consolidate his operations on the estate by taking another substantial property when it became available. New tenants were encouraged by the estate’s improved appearance and WFM’s co-ordination of their work schedules with those of other tenants and contractors.

In the event, cash flow was sustained and investment risk reduced, resulting in enhanced value for the client.

Increasing footfall and investment value Clwyd Retail Park, Rhyl

The 79,867 sq ft Clwyd Retail Park in Rhyl, with branches of B&Q, Comet, Carpetright, Currys and Halfords, attracts shoppers from a wide area. What it lacked was somewhere for the hungry hoards to eat. In 2003, we had a preliminary meeting with the local planners on behalf of our client Associated British Foods Pension Fund and identified the opportunity to develop a new restaurant unit in the corner of the car park.

We contacted various restaurant proprietors, narrowing the search down to three main contenders and inviting “best bids”, before eventually agreeing terms with Pizza Hut. We then appointed architects acting on behalf of Pizza Hut to submit a detailed planning application and were successful in obtaining consent for a 3,189 sq ft restaurant unit in June 2006. Construction began in January 2007 and the restaurant was completed on time and within budget in July of that year.

The restaurant has increased the investment value of the park, which was built in 1996, by upwards of £1m and has further improved “customer draw”. We are now investigating further medical / residential development opportunities on an adjacent site.

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