JK Property Consultants brokers 65% rent drop
Newcastle-based MEH Flooring Company is enjoying a 65% reduction in rent thanks to a deal brokered by JK Property Consultants (JKPC).
The independent retailer, which has been trading successfully on Pink Lane for decades, was faced with a proposed rental increase of £14k per year and turned to JKPC for help with its lease negotiations.
MEH Flooring owner, Elizabeth Harrigan, explained: “We have been here for a number of years and provide a high quality service that depends on word of mouth and repeat business. As such, we perceive our continued presence on Pink Lane as an integral part of our success going forward.
“The proposed rate rise was therefore potentially disastrous for us. Thankfully, by taking expert advice we have been able to secure a deal to suit. I am pleased with the way the renewal has been managed and how JK kept me informed throughout the process.”
JKPC’s Thomas Conneely, who acted on behalf of MEH Flooring, said: “Independent retailers such as MEH are crucial to the balanced and individual retail offer of Newcastle City Centre. Many business owners won’t realise that they are in a position to actively manage their property costs with the help of a chartered surveyor and should use opportunities such as lease renewals or rent reviews to search for savings. Recent research has shown that a reduction of just 1% in operating costs can assist retailers to increase turnover by 11%. The cost of instructing a surveyor can therefore pay for itself many times over.”
For help with any property matters, either as a occupier or landlord, please call Thomas Conneely or Kevan Carrick for more information on 0191 406 0038 or visit the website www.jkpropertyconsultants.com.
This was posted in Bdaily's Members' News section by Kevan Carrick .