Landlord and tenant

A poorly drafted lease can erode the value and ability to control a freehold asset. Conversely an overly restrictive lease can reduce a tenant’s flexibility and ability to control costs during the lease term. Penningtons Manches Cooper’s real estate team acts for both institutional landlords and corporate tenants and knows how to strike the balance between market conditions, commercial reality, legislation and current case law.

A holistic approach for real estate stakeholders

For landlords, effective property portfolio management is crucial to protect the value of an asset. Our aim is to ensure that landlords’ interests are safeguarded in all letting documentation. We help asset managers to operate their portfolios efficiently, using our interactive technology to manage key dates and provide intuitive instructions.

Our team handles every stage of the lease process, from inputting into the negotiation of heads of terms to completing an institutionally acceptable suite of lease documents. We deal with both contentious and non-contentious 1954 renewals and advise on opposing a renewal request or a compromise renewal with a landlord development break. Our lawyers are also very used to dealing with telecommunication lettings and renewals, under the code or otherwise.

When it comes to disagreements, our real estate disputes team is well versed in advising on service charge disputes, while our construction team addresses building safety or contractor issues. For mixed-use portfolios, we ensure compliance with landlord and tenant legislation including whether statutory notices should be served for any residential elements.

For tenants, we represent a diverse range of occupiers, including banks, corporates, technology companies, life science businesses, medical practitioners, retailers, restaurateurs, and other leisure companies seeking business premises. Our professional network is extensive and we can make appropriate introductions and collaborate as needed during the documentation of any new letting.

They have a full-service offering and are a national powerhouse. They take the time to understand the client’s business.

Legal 500

When advising tenants, our goal is to meet operational deadlines, securing occupation, and ensure the fit-out process (including the wayleave process) aligns with the target trading date. Often, this includes documenting a managed exit from the current premises, ensuring a sufficient overlap but with the control of termination resting with the tenant.

Timeframes are of course sometimes missed for reasons outside the legal framework. Our team is adept at agreeing sensible, quick temporary measures to ensure business continuity and documenting the consequences of missed target dates and associated costs. Our project, development and construction team is experienced in documenting professional appointments, warranties and agreeing liquidated and ascertained damages as compensation for specific breaches to cover for all eventualities.

Our holistic approach addresses all aspects of property management and development, providing clients with the confidence that their projects will be completed on time and within budget, or with clear consequences if they are missed.

How we help our clients

Confidentiality (non-disclosure agreements)

Assignment and underletting

Dilapidations and tenancy disputes

Landlord and Tenant Act renewals

Leases and tenancies

Rent reviews

Service charges

Uninsured damage

Recent work highlights

Multi-tenant asset management

Acting for LabTech on the full range of asset management matters in relation to its Camden Estate. Our role includes dealing with pop-ups and short-term lettings through to complex lettings conditional on substantial works, planning and licensing.

Diverse retail asset management

Acting for a major institutional investor on the asset management of a major retail park in Leeds with over 30 retail stores covering a variety of asset classes including Asda, Boots, Next, Marks & Spencer Foodhall and Starbucks.

Multi-tenant business park

Representing Northern Trust on the acquisition and ongoing management of Vesuvius Business Park in Worksop, a 4.13 acre site comprising 16 trade counter units and three retail buildings totalling 47,000 sq ft, including various occupiers.

Film studios site expansion

Assisting film and TV company Pinewood Studios with various property matters relating to the expansion of its Shepperton site, including telecoms, rights of way, access licences and leases.

Cross-border corporate sale

Supporting the owners of 23.5 Degrees Limited, the largest Starbucks licensed business partner in the UK, on the property elements of the cross-border corporate sale of the business to US-based Starbucks Coffee Company.

Complete estate advisory

Acting on all real estate matters for frozen food specialist Farmfoods across England and Wales, advising the business on site acquisition, development, disposal and estate management as it continues its growth programme.

Retail park leasing and redevelopment

Supporting an institutional investor on the asset management of a large Southampton retail park, including implementation and installation of ANPR within the car park and a restructuring and regearing of title alongside advice on redevelopment opportunities.

Complex tenant requirements

Acting for Supermassive Games on a complex lease in Guildford which required particular attention being paid to the building’s infrastructure and its ability to accommodate our tenant client’s user-specific and detailed fit-out needs.

London-based global headquarters

Advising a global communications company on the letting of its new London headquarters which included an agreement for lease with substantial landlord works.

Lease conditional on works

Acting for Vitality Corporate Services on the relocation of its Bournmouth headquarters, negotiating an agreement for lease conditional on works including planning provisions, four leases and a pre-emption agreement on the remainder of the building.

Portfolio management and sale

Advising a US private equity investor on the management and sale of its UK portfolio which includes several regional shopping centres, bringing in the letting and general asset management and subsequent sale of the individual assets.

Retail tenant property matters

Acting for White Stuff on all its English property matters, including new leases of high street and shopping centre stores, regears and renewals, surrenders and lease termination dilapidations together with general issues that arise.

Retail park leasing and redevelopment

Supporting an institutional investor on the asset management of a large Southampton retail park, including implementation and installation of ANPR within the car park and a restructuring and regearing of title alongside advice on redevelopment opportunities.

Complex tenant requirements

Acting for Supermassive Games on a complex lease in Guildford which required particular attention being paid to the building’s infrastructure and its ability to accommodate our tenant client’s user-specific and detailed fit-out needs.

London-based global headquarters

Advising a global communications company on the letting of its new London headquarters which included an agreement for lease with substantial landlord works.

Lease conditional on works

Acting for Vitality Corporate Services on the relocation of its Bournmouth headquarters, negotiating an agreement for lease conditional on works including planning provisions, four leases and a pre-emption agreement on the remainder of the building.

Portfolio management and sale

Advising a US private equity investor on the management and sale of its UK portfolio which includes several regional shopping centres, bringing in the letting and general asset management and subsequent sale of the individual assets.

Retail tenant property matters

Acting for White Stuff on all its English property matters, including new leases of high street and shopping centre stores, regears and renewals, surrenders and lease termination dilapidations together with general issues that arise.

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