Ellisons Solicitors were delighted to act in conjunction with a recent successful deal, on a commercial premises in Bury St Edmunds.
Ellisons and Fenn Wright, in the space of just 8 days, managed to secure an excellent deal on a property which had recently been relinquished by the struggling restaurant chain, La Tasca.
The property had been home to the Spanish tapas bar since February 2004. But on August 28th the branch became a victim of La Tasca’s Company Voluntary Arrangement (CVA), when overseers Grant Thornton initiated closure of 22 outlets and negotiated rent reductions at several others as part of business restructuring.
On September 29th, keys to the premises were handed back to the owner. Fenn Wright swiftly identified restaurant chain Prezzo PLC as a possible new tenant to accommodate its rapidly expanding Mexican chain, Chimichanga.
By October 8th a new 25 year lease was agreed and completed. The deal was struck at terms close to the target figure of 70,000 per annum.
Fenn Wright partner Lewis Chambers remarked: “Achieving this excellent outcome required us to show attention to detail and aptitude in equal measure; I am delighted that we have limited our clients void to only 8 days, and secured him such a high quality tenant”
Lewis continued: ‘‘Philip Roberts and Peter Powell of Ellisons acted on the lease and ensured a smooth execution of this deal. Their professional and swift approach guaranteed that the potential for negative impact on our client was kept to a minimum.’’
“This letting not only demonstrates that some commercial sectors remain buoyant, but is also a fantastic vote of confidence in Bury St Edmunds.’’