HARRIS LAMB SAVES EUROCELL £1.5 MIlLLION OVER FIVE-YEAR TERM WITH RENT REVIEW ON DERBYSHIRE HQ

Lease Advisory specialists at Harris Lamb have saved a national windows and doors supplier more than £1.5million over a five-year period further to carrying out rent review negotiations on their behalf.

Acting for Eurocell, the business was asked to represent them in rent review negotiations on the business’ key distribution centre in Derbyshire, a 261,000sq ft distribution centre in South Normanton.

The business has been based at Nickel 28, so called due to its prime location less than a mile from Junction 28 of the M1, since 2018 and called on Harris Lamb to negotiate the five-yearly rent review, following the landlords instigating this and seeking a significant increase in the annual rent.

The initial quoting rent sought by the landlord was £2,171,000 per annum, and further to negotiations, the team was able to agree terms of £1,781,000 per annum, resulting in a substantial reduction of £300,000 a year, and ultimately a £1.5 million saving over the new five-year term.

A spokesperson for Eurocell commented: “We were happy with the revised figures and naturally, we are extremely pleased that Harris Lamb have secured these savings, particularly at a time when increasing overheads remain a key concern for businesses across the board”.

Andy Smith, Director, said: “Since taking occupation of Nickel 28 six years ago, the building has become a pivotal part of Eurocell’s National operation, acting as a central UK headquarters and distribution hub.

“There has been a significant increase in industrial rental values over the past four years and this clearly demonstrates that there is a real benefit to both landlords and tenants in seeking professional advice on rent reviews and lease renewals. As is the case here, the results can make a significant difference to a business’ bottom line,” added Andy.