23 January 2012

Forsters acts on leases at The Pavilion Crawley

Forsters has acted for Rockspring Hanover Property Unit Trust in respect of the negotiation of several leases at the Pavillion, Crawley.

A lease of Unit 2 was granted expiring 23 June 2030 at initial rent of £45,000.00 per annum with fixed uplifts to £49,050.00 in 2015, and then at 5 yearly intervals to £53,465.00 in 2020 and £58,276 in 2025.

A lease of Unit 3 was assigned and a further reversionary lease of Unit 3 granted expiring 23 June 2030 at an initial rent of £125,202.00 per annum with fixed uplifts at 5 yearly intervals. Rockspring entered into an agreement for lease with the Gym Limited in November 2011 conditional upon them obtaining planning permission for change of use to a gym from A1 retail use. This permission was duly obtained and completion took place on 23 January. The deal also involves substantial fit out works by the tenant to alter the premises from a retail space to a gym.

Jack Paravicini acted for Rockspring Hanover Property Unit Trust.

 

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