Lexicon CRE represented tenant Auxillis in dealing with the lease renewal of Redmond House a 33,000 sqft business park office building. This was undertaken against a background of the frrehold being promoted for sale. The property was held by way of a 15 year lease from March 2005 at a rent of £375,000 pa.

Lexicon CRE undertook the following:

Analysis of market including potential alternative sites

Discussions with potential parties interested in purchasing the freehold regarding lease re-gear proposals

Working with solicitors to issue a section 26 notice requesting a new tenancy

Extensive negotiations with Landlord to agree a new lease

Liaising with solicitors to document

The result was a new lease for a modernised shorter term at a rent reduction of more than 50%.