After successfully handling a significant dilapidations claim and managing the refurbishment of a North Tyneside industrial unit, a Newcastle-based firm of Chartered Surveyors has landed a £250,000 “knock on” contract following the letting of the property.
Silverstone Building Consultancy was originally commissioned by Burren Investments to negotiate dilapidations after the 54,000 sq ft unit on Merlin Way at New York Industrial Estate was vacated by its former tenants.
The specialist firm of building surveyors and project managers was so successful that the “substantial settlement” it achieved allowed the landlord to spend £460,000 on upgrading and refurbishing the property.
Now Silverstone has been appointed to oversee a £250,000 fit-out of the unit on behalf its incoming tenant; a high-end clothing retailer relocating from a smaller unit on the same estate.
“The property required a full strip-out and refurbishment including removal of mechanical and electrical equipment, chemical disposal, the demolition of offshoots, redecoration and external repairs,” explained Louise Stewart, an associate at Silverstone, founded on Tyneside in 2009 and which now serves both the local and national commercial sector.
“We are delighted that a new tenant has been secured and we have been further appointed do a full fit-out on their behalf,” she said. “Acting for both landlord and tenant has ensured a quick and smooth operation for both parties.”
The bespoke fit-out of the premises will include the installation of a mezzanine floor to provide space for a photography studio. The retailer is also upgrading the fire alarm and security systems.
HTA Real Estate negotiated the deal with the new tenant, which has signed a 10-year lease on its new base. The property is expected to be ready for occupation in October.
Simon Hill is director at HTA Real Estate. “We were delighted to secure the letting of the unit within a short time frame of just a few months,” he commented.
“There is a lack of modern premises of this size and quality available in the North Tyneside area and as a result we had a number of interested parties coming forward.
“The substantial investment in refurbishing the unit means it provides modern high quality accommodation which can be fitted out to suit the businesses’ needs.”