Our client owns a City of London office property on a long leasehold interest with just over 100 years remaining. Welbeck worked up a proposal in conjunction with an architect that would allow for an additional floor on the property and a reconfiguration of the floor plates to increase the lettable area.
The redevelopment was subject to freeholder consent. Welbeck approached the freeholder about the proposals and used this opportunity to propose an extension of the headlease. Welbeck negotiated on behalf of the leaseholder and secured permission for the redevelopment the extension of the lease term for the payment of a small premium. The lease extension created an immediate uplift in value of more than 10%.
