LSH completes sale of retailer’s former distribution base

Lambert Smith Hampton (LSH) has completed the sale of a large commercial unit left vacant when its former tenant relocated to a larger unit to facilitate growth.

The 95,000 sq ft unit (5ive) at Midpoint Park, Minworth became surplus to requirements when books and stationery retailer The Works moved to a new 183,000 sq ft headquarters building at Hams Hall Distribution Park.

When The Works moved to its new home, LSH successfully negotiated the lease surrender at Minworth – 18 months ahead of its break point in September 2018. The retailer then appointed LSH to find a new tenant for the old unit.

The surrender of the lease went ahead when landlord, Legal & General, completed a new lease to material management solution firm All Metal Services.

CBRE represented All Metal Services and Legal & General was represented by JLL.

Matt Tilt, associate director to LSH’s industrial and logistics team in Birmingham, said: “The Works is a fast-growing retailer with a very strong reputation, with an exciting future ahead.

“The move to the new headquarters is important for the company, but rendered 5ive Midpoint Park surplus to its requirements. We were able to successfully market the unit and find a new tenant in just three months. It is a quick turnaround and a result we are extremely pleased with.

“We have managed to exit our client from the lease 18 months prior to the break date, which we are very proud of, too. It is an excellent outcome for The Works.”

The Works has launched a huge expansion drive to add a further 250 stores over the next five years. This follows its opening of 63 stores over the last 12 months.

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