Case StudiesAcquisition of industrial premises for Peterlee Glass

Acquisition of industrial premises for Peterlee Glass

Client’s Requirements

Peterlee Glass is one of the UK’s leading architectural glass processors. The company manufacture specialist glass products for retail, architectural and domestic use working with more than 280 clients across the country.

In 2015 the company had outgrown its premises in Peterlee and needed a larger floor area to house new machinery thereby enabling the company to take on bigger contracts, offer new services and streamline its production process.

As such, we were appointed to identify and secure a new facility to either lease or purchase in Peterlee.

Our Approach

Upon our instruction, it quickly became apparent that there were no suitable facilities available in the open market that suited our client’s requirements.

However, as we were also looking for off market opportunities, we identified a 60,000 sq ft unit on Mill Hill which was available, but not being openly marketed. The unit suited Peterlee Glass’ needs, albeit there were considerable refurbishment works required to meet their requirements.

Naylors’ Building Consultancy team were asked to advise our client on the level of works required, the associated costs and timescales.

Negotiations then took place with regards to appropriate lease terms for our client, factoring in the works required to the property.

Results

We secured preferable lease terms for Peterlee Glass including fixed rental uplifts at each rent review which provided them with certainty on future rental costs.

Naylors’ Building Consultancy team’s advice and support ensured the building was fit for purpose. Future repairing obligations were limited by a Schedule of Condition and our client was supported in regards to any necessary recourse relating to snagging works once they took occupation of the building.

Ultimately, our market knowledge and expertise meant we were able to successfully secure suitable premises for our client, in a constrained market with very little supply.

To find out more about how we can help you find the right premises for your business, call Chris Donabie on 0191 232 7030 or email: chrisdonabie@naylors.co.uk