The client had outgrown its premises at Woolsbridge Industrial Estate and, whilst the property was no longer fit for purpose, was keen to remain on the Estate due to its strategic location close to the motorway and surrounding areas of Ringwood, Ferndown, Wimborne.
Experts from across our transactional, lease advisory, planning and building consultancy teams, came together to identify a number of property solutions which would meet their brief.
Having carried out extensive research of the local industrial market, we put forward three deliverable proposals.
Given the limited availability of existing suitable buildings, the most viable option was development-led.
We therefore sought competitive proposals from developers for a new build unit, in order to ensure best value for our client.
Given Selwood’s preference to remain at the same location, the decision was taken to agree terms with their existing landlord, Ankers & Rawlings Developments Limited, for a brand new warehouse on a secure 1 acre site, boasting high grade purpose-built 8m eaves with fitted offices and an additional yard.
Our acquisition team negotiated a new 15-year lease, with 10 year break, on competitive terms.
Part of the deal was to link the new lease with the exit of their existing premises, which meant that our client was able to retain the low passing rent until their new unit was built and their dilapidations liability was waived.
Our building consultancy team was subsequently appointed to project monitor the construction of the facility until practical completion and dealt with all associated issues such as collateral warrantees, landlord and tenant specifications, including the provision of rooftop solar panels.
When we were appointed by Selwood, the client’s existing lease with Ankers & Rawlings was due to expire in November 2016, so it was important for us to secure a positive outcome for the client within a relatively tight timeframe.
The limited availability of appropriate premises within the area, however, made it difficult to source appropriate options.
Working closely with the client, we made a recommendation to forge ahead with the development-led solution which would not only provide high-quality new premises, but also met their requirements to remain located on their existing estate.
As a result of the advice we provided, Selwood has secured a high-quality new-build warehouse for its Bournemouth branch fitted to their exact requirements, which will help the company to forge ahead with its ambitious growth plans over the coming years.
By linking the dilapidations liability of their old unit to the inducement for taking a new lease we secured a deal on above market commercial terms.
This saved the client a significant sum of money and more importantly, allowed a seamless transfer of the business from one premises to another.
“Selwood is grateful to Vail Williams and Ankers & Rawlings for enabling the Bournemouth plant branch to remain on the Woolsbridge Industrial Estate. The location is well known to our customers and suppliers and highly convenient. We are excited to be starting the New Year in these superb purpose-built premises.”
Tim Vincent, Commercial Property Manager, Selwood Limited.
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