Innovaré specialises in modular building design, development and construction, and faced with a lease that was due to expire, was looking to relocate its business to a new, larger premise.
The aim of the move was to allow the firm to continue to grow its business, in line with its business strategy.
As a result of their impending lease expiry, Innovaré required a new building within tight timescales, that would meet their particular needs – including a specific layout, size and configuration of loading doors and a large yard for external storage of finished goods.
Knowing the market and how scarce the types of properties that the client was looking for were, Vail Williams brought together an expert team of property advisers from across its occupier advisory, building consultancy and planning teams.
The team worked with the client to establish their needs and future property strategy, whilst simultaneously advising on their exit from the existing premises. This included strategic and financial advice relating to potential dilapidations liabilities and how to mitigate these.
An extensive property search was then carried out, and expert advice was given regarding the opportunities and challenges presented by each option.
The final shortlisted property was situated at Imperial Park, Coventry, boasting a number of high profile existing occupiers including Parcelforce, Volvo Trucks and Network Rail.
Just 4 miles out from Coventry city centre, the building had a high specification and a BREEAM ‘Very Good’ rating, with an EPC rating of ‘A’.
The specific building that Innovaré needed was not readily available when Vail Williams was first instructed. Therefore, we used our expert knowledge and wealth of contacts to unearth suitable options.
However, when undertaking the lease negotiations and due diligence for the shortlisted property, it soon became clear that although the sales particulars stated that the unit would be suitable for B2 and B8, B2 use was not automatic and there was a total prohibition on external storage in the yard.
Vail Williams provided additional planning advice to apply for B2 general industrial use and to obtain planning consent to store finished goods in the yard.
A number of additional structural changes to the property were also required, in order to create the bespoke building to meet with Innovaré’s future needs.
This involved extensive advice in relation to changes of building layout, the addition of wider doors to the property, and changes to onsite parking.
Our building consultancy team also carried out a pre-acquisition survey to ensure the unit had been constructed in accordance with the plans and specification provided and was fit for purpose.
Experts from across the planning, business space and building consultancy teams liaised with a variety of external parties on the transaction, including highways consultants, two local authorities, as well as the highways agency, to ensure that the deal was completed within the necessary timescales.
Strong communication skills and good working relationships with external advisers and stakeholders, helped to ensure that the deal was secured in line with the client’s expectations, whilst ensuring their dilapidations liabilities were managed effectively.
As a result of the in-depth advice given by the multi-disciplinary team at Vail Williams, the client has not only been able to secure the right property to take their business forwards, they have also been able to extricate themselves from their existing lease, in the most cost-effective way possible.
With the help of our team of advisers, Innovaré has also been able to successfully apply for ERDF funding to support the development of the business, as it seeks to grow its workforce in Coventry.
The building is currently undergoing fit out, and the client is expected to move in over coming months.
“I would like to take the opportunity to thank Carole and the team at Vail Williams for their hard work and expertise to help secure the relocation of our business. A very complex and time sensitive process was made bearable by the constant support and guidance provided by the Vail Williams team.” Colin Brewer, Innovaré Systems Limited.
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