Former Bank Sees New Lease of Life

Peill & Company, the PAI member for Cumbria, the Lake District and Lancashire, has agreed a surrender of the Lloyds Bank lease at 50 Main Street, Cockermouth, together with the grant of a new 10-year lease to a firm of solicitors who are relocating into the premises from elsewhere in the town. The Lloyds Bank branch, which was earmarked for closure had a lease expiring in December 2019 and an early surrender was agreed by Peill & Company with CBRE acting on behalf of the bank. The property was immediately re-let by Peill & Company on behalf of the pension fund private client for whom the property is managed by Peill & Company’s property management department. The building surveying department of Peill & Company advised the landlord on end of lease issues and dilapidations, together with the incoming tenant’s fit-out requirements.

Simon Adams, managing director of Peill & Company, commented “We were pleased to be able to negotiate a simultaneous surrender of the existing lease and re-grant of the lease to a local firm of solicitors, ensuring that our client suffered no rent void, and also enabling Lloyds Bank to exit the property quicker than they otherwise would have done. We were able to call on our in-house property management and building surveying teams to facilitate the transaction”.