Ham Farm, Bosham

Lease renewal and expansion for Langmead Herbs

Summary

• Modern 28,000 sq ft industrial/warehouse
• Previously multi let on short term leases
• Vacant possession of part on lease expiry
• Lease renewal on the whole property for 20 years on FRI terms
• Achieved longer term letting to a single tenant at a market rent and on improved lease terms
• Provided the immediate opportunity for expansion of tenant's business

This property had been let in 2 parts to separate tenants, including Langmead Herbs, on a series of short term leases over a number of years. Parts of the building and external areas were shared which had caused some operational difficulties from time to time.

At lease expiry the opportunity was taken to recover possession of the east side of the building and renew the lease to Langmead Herbs, extending the leased area over the whole building including the external yard.

The renewal resulted in a single 20 year full repairing & insuring lease of the whole property at a market rent. This gave a significantly longer term income stream for the landlord on improved lease terms.

It enabled Langmead Herbs to immediately embark on much needed expansion into the remainder of the building in line with its UK growth plans, with flexibility to arrange day to day operations around the single-let site for maximum efficiency.