Instructions were recently obtained from a Pension Fund to dispose of high specification offices on the prestigious Capricorn Business Park close to Junction 6 of the M65 motorway, Blackburn.
The two-storey offices extended to 2,000 square feet and had been multi-occupied for a number of years. The tenants had been in occupation for a lengthy term and initial advice was given to formally terminate the tenancies before commencing negotiations for longer term leases at increased rental levels to reflect the current market. This inevitably widened the appeal to potential investors and ultimately achieved a higher capital value.
The investment was quickly marketed and sold to a local property company. The renegotiated leases cleared the way for a quick sale at a healthy disposal price.