Brandon Court is a development of single storey office buildings on Leofric Business Park, Binley Industrial Estate, managed by Drake Howard Property.
Unit C3 was recently vacated by Chubb Fire & Security and the agent was instructed to enforce end of lease repairs by the former tenant and market the space for a new occupier.
Martyn Howard drafted the schedule of dilapidations, served on Chubb and the former tenant decided on payment to the landlord in lieu of the value of works and fees. Negotiations opened with the surveyor instructed by Chubb and presented many challenges as time went by. However, Martyn proved the value of repairs and maintenance by compiling works specifications for building, electrical, decoration and floor covering contractor tenders.
Then, Metaswitch Networks expressed an interest in forming an opening from existing adjoining offices to expand into the space. Terms were agreed with the Cloud native communications software solutions provider to surrender the existing lease of C2 with grant of a new 5-year lease on C2 & C3. Subject to additional works, including new entrance and fire/loading doors.
The dilapidations consideration was settled amicably, and all seemed set for turnaround from an empty building in disrepair to an occupied office in good order. Enter Microsoft!
The global software giant opened discussions to acquire Metaswich Networks business and the deal was placed on hold, pending completion of the take-over. Two-months later, just as the works project was coming to an end, the deal was approved and an agreement for lease was completed.
Ian Clark of development owners Real Estate Investors Plc said “Drake Howard Property has once again, proved their value as our managing and letting agents at Brandon Court. We are delighted with the dilapidation negotiation, works and agency outcomes and to end with a worldwide brand at the estate is a huge benefit to the asset. This leaves E3 as the only vacant space on the Estate following recent rationalisation by former tenant Saint Gobain. No pressure Martyn, Marie and team!”