I can't really fault Penningtons Manches, they have been a breath of fresh air and our relationship has been excellent.
A badly negotiated lease can make the difference between the success or failure of a business. Lease terms should reflect the business needs of the occupier and be flexible enough to accommodate changing requirements without imposing unacceptable levels of liability.
Penningtons aims to provide clients with specialist advice to ensure that transactions are conducted smoothly and effectively. We enable tenants to meet deadlines, gain occupation and commence business operations in the timescales they set.
We act for a growing number of occupational tenants, including retailers, restaurateurs, medical practitioners and other occupiers looking for business premises. We work with our clients' other advisers to achieve these objectives. For those setting up a business for the first time in the UK, we are ready to effect introductions to a range of professionals.
We understand that a client often works backwards from a target opening date so we liaise with the entire tenant property team (fit-out, legal, contractors and directors) to meet the key dates, both on a national and local team management level. We also work closely with property and acquisition managers to ensure that the teams/retail units being re-housed or expanded will have continuity of trade and that future expansion programmes are realistic and achievable.
Achieving a substantial annual rent reduction of nearly £100,000 for an up market central London retailer in a contested lease renewal together with a landlord penalty payment on exercise of their break.
Acting for numerous Flight Centre acquisitions including a national rollout of hyperstores. Work involves weekly reporting to the client on the numerous ongoing property transactions and managing critical dates across their property portfolio.
Advising a franchisee of a multinational chain on the acquisition and fit out of the first of hundreds of retail units and negotiating an agreement for lease that met our client’s numerous pre-conditions to their satisfaction.