B&Q
transacting on
100,000 sq ft +
Acting for an international family trust Stripe Street negotiated an extension to the lease term on two solus B&Q stores totalling over 100,000 sq ft, significantly boosting the investment value of the properties in return for a tenant incentive.
Working on behalf of Aldi, we identified a Homebase store as a potential site when it became part of a Company Voluntary Arrangement (CVA), providing the landlord with the option to secure vacant possession upon the activation of a Landlord break within a short time window.
This project involved the acquisition of development land for Aldi. The land had an expired retail park consent and was bought from fixed charged receivers in a competitive bidding situation.
Stripe Street approached the landlord in order to restructure onerous terms on a 67,000 sq ft Wickes in one of the most prominent locations in London, abutting the A406 North Circular Road. Stripe Street extended the lease, reduced rent by over 30%, settled an outstanding rent review and formalised an asset management objective that was key for the landlord. We enabled Wickes to bring an over rented store into profitability.
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