Latest NewsActing for new owners Local Retail Fund, we have completed the letting of Unit 11 at the Old Mill Square shopping precinct in Storrington. Save The Children have taken a new 10 year lease at the asking rent. The unit was vacated to make way for an extension to the adjoining Waitrose food store but the extension project was subsequently dropped, leaving the landlords to find a new tenant. Save the Children join Costa, Barclays Bank, Anderson Rowntree and several other independent retailers.
Acting for local property company Urban and Rural Estates Ltd, we have helped acquire an additional parcel of land adjoinging the New Bury Business Park at Marsh Lane, Easthampnet. Just off the A27 between Chichester and Arundel, the well hidden business park is home to a variety of different businesses including GTR, MJ Visuals and Sycamore Joinery. The lengthy and delicate negotiations required the structuring of a deal to ensure vacant posession was obtained of the occupied workshops and land. Urban and Rural are now planning a new extension to the business park which could be brought to the market later in 2017.
Alex Medhurst has assited in the satisfactory settlement of a legal claim by a mortgage lender against another valuer. A loan in 2013 to fund the redevelopment of the Grade II LIsted Barnham Windmill, went wrong. Alex was drafted in as an Expert Witness by Rosalyn King to assist the London based lawyers to reach a mediated settlement. His knowledge of the development process, appraisals and valuation methodology was fundamental to reaching the agreement.
Following the expiry of the previous lease, a new letting has been completed on the first and second floors at 33 West Street Chichester. The Grade II Listed building is in an excellent visible location overlooking the Westgate Roundabout and close to the historic cathedral. The tenant has relocated her nail business in order to expand from premises in East Street. The private client was pleased with the higher rent and longer lease achieved.
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