National property consultancy Lambert Smith Hampton (LSH) has successfully let a 16,000 sq ft warehouse on Meridian West, Meridian Business Park at J21 M1 Leicester, acting on behalf of retained offshore clients.
The occupier, Tetenal UK Ltd, was looking for a quality unit and LSH was aware of the company’s preference for Meridian as they had previously been located there. LSH used their knowledge of the fact that the current lease on the unit was expiring and that the sub-tenant in occupation only wished to have a short term renewal. LSH put a deal together in which Tetenal UK Ltd is taking a new 10 year lease of the premises
Tetenal is a market leader in the innovation, manufacture and distribution of photographic paper, chemicals and technologies. It can trace its history back to 1847.
Geoff Gibson, Director at LSH Leicester said: “This is a good example of an off market deal using our specialist market knowledge. The deal came about as a direct result of a good working relationship with Tetenal UK Ltd over previous years as well as the landlord.
“The landlord is very happy having achieved a new letting to an excellent tenant on good terms and without any void costs. The tenant is happy with a successful acquisition of good quality, well located premises.”
He added, “There is a lack of good quality stock available in the market despite the relatively poor business and economic climate. This letting is evidence once again that if landlords are willing to be flexible, deals can be agreed quickly. This is the second industrial/warehouse letting, totalling around 50,000 sq ft that LSH has been involved with on the Meridian Business Park since August, illustrating the continuing improvement in the market and the lack of good quality stock.”