HARRIS LAMB SAVES BIRMINGHAM-BASED IP SOLUTIONS DISTRIBUTOR OVER £1MILLION IN RENT AND RATING REVIEW
Lease Advisory and Business Rates experts at Harris Lamb have saved an IT specialist more than £1million on its Birmingham premises over a five-year period after overseeing rent and rates reviews on its behalf.
The business was instructed by Mayflex UK Limited, a distributor of IP solutions including infrastructure, networking and IP security, to deal with a lease renewal and rent review on its two Aston properties, an 83,000 sq ft HQ known as Excel House, and a 65,000 sq ft distribution facility known as Environ House.
Richard Fantham, Head of Harris Lamb’s Lease Advisory team, said: “We have acted for Mayflex since 2011, with our Agency team acquiring the business’ current distribution centre, Environ House, in 2018. We were asked to conduct both a rent review on the distribution centre and a lease renewal negotiation on its head office at Excel House at Junction 6 Industrial Park.
“Further to negotiating and agreeing terms with the landlord for a new lease at Excel House, we secured a substantial saving of over £625,000 over the first five years of the lease. We have also completed the first rent review on Environ House for Mayflex, securing further savings of over £550,000 over the next five years of the lease,” he said.
Mayflex also instructed Robert Pinks of Harris Lamb’s Business Rates team regarding the proposed 43 per cent increase in the Rateable Value of the company’s HQ between the 2017 and 2023 Rating Lists, asking the team to conduct a review and identify any anomalies.
This saw a Rateable Value reduction on Excel House from with effect from 1st April 2023; a significant saving of £55,250 between 1st April 2023 and 31st March 2026.
Richard added: “We are absolutely delighted to have identified these savings at a time when many businesses are concerned about increasing overheads. It really does drive home the benefit to businesses in seeking professional advice on rent reviews, lease renewals, and business rates, and the results can make a huge difference to a business’ bottom line.”
Israr Ghulam, Financial Director for Mayflex, said: “Having worked with Harris Lamb for many years now, we continue to be impressed by their market knowledge and excellent service. The savings the business secured for us are significant, and we are delighted with the team’s attention to detail and the efforts they went to in order to achieve these results for us.”
Photo: Environ House.