Raeburn Successfully Completes Countrywide Estate Agents Acquisition

Acting on behalf of Countrywide Estate Agents, we successfully acquired their new premises at Cornmarket, Derby.

This was not a simple transaction, and from start to finish, ‘The Full Monty’ was required to provide the client with a ‘one-stop’ service that included:

Lease Renewal: The initial instruction was to negotiate a new lease on their existing premises at St James St, Derby, in light of the Landlord’s Section 25 Notice. However, it became apparent that the premises were too large (extensive upper floors no longer needed), and it was decided to seek alternative premises

Acquisition: Thorough research into suitable alternative premises was undertaken, which provided various explored options. Extensive negotiations took place, and after an abortive transaction, terms were agreed upon to acquire the former RBS Bank at Cornmarket, Derby, which provided a superior position with a better frontage and more suitable configuration.

Dilapidations: The landlord on the existing premises served a Schedule of Dilapidations in excess of £125,000. Through our consultancy, Dilapsolutions, we appraised the lease, identified the Tenant’s obligations, and initially responded on a common law basis. By applying the principles of Section 18 (1), we reached a settlement before vacating at a sum less than half the initial claim.

Schedule of Condition: As part of the negotiations on the new property, it was agreed to limit the Tenant’s repairing obligations regarding the basement by incorporating a comprehensive photographic schedule of condition within the new lease. Dilapsolutions ultimately provided this swiftly to not hold up any documentation.

Through our various consultancies (Raeburn Consulting and Dilapsolutions), we provided the client with a full service from start to finish, enabling one point of contact to help manage the whole process successfully and minimise any risks associated with such a complex transaction.

If you need any help with acquisitions or commercial property matters, please email neil@rabeurnconsulting.com.