Wednesday, 29 November 2017 16:37

TWO DEALS IN ONE

Acting on behalf of ETE Ltd and private investors, Monk & Partners have secured 2 lettings of adjacent properties in Barbican Approach and Commercial Rd, Coxside, Plymouth to Enterprise Rent-A-Car.

Plymouth agents Monk & Partners were instructed by the leaseholders of 2 Barbican Approach to find a sub-tenant for the 270 sq m (2900 sq ft) industrial workshop premises and after a fairly long period of marketing and change of use process they secured Enterprise Rent-A-Car for the subject premises. Simultaneously Monk & Partners negotiated lease and rental terms with the same tenant on the adjacent property being circa 380 sq m (4100 sq ft) from different owners to create a joint letting of the two premises. The two properties were formerly occupied by a limousine rental company and Speedy Hire among other users over time. 2 new leases until circa 2030 have been agreed.

John Slade of Monk & Partners commented “ this was one of those unconventional and satisfying deals whereby one premises was insufficient for the acquiring tenants needs and following some investigative endeavours it turned out the adjacent property could also be leased alongside making the two properties large enough for the car rental firm’s needs.''

The properties are located fronting two main routes in Coxside making for a prominent and convenient location for the new tenant to relocate to following some extensive refurbishment and branding for their purposes.

Published in News