Phew, that was a long one!

Courtesy of CoStar

Property transactions are rarely quick — and some take longer than anyone could reasonably expect.

After what can only be described as a marathon rather than a sprint, Tektura, a tenant client of Ashurst Real Estate, has successfully renewed its lease at Harbour Exchange Island in London’s Docklands. The renewal completed some two and a half years after heads of terms were first agreed.

What should have been a straightforward, swift and non-contentious renewal became a test of endurance. Along the way there were disappearing solicitors, corporate sales, unqualified service charge demands, prolonged legal delays, and even failed plant and M&E systems to contend with.

While most lease renewals are delayed by a single issue, this one managed to collect almost the full set.

The upside? Time. The extended process allowed Tektura to refine its position and ultimately secure excellent new terms that align perfectly with its corporate occupational strategy.

Every transaction teaches lessons, and this one has undoubtedly sharpened the experience of everyone involved.

If you need clear, pragmatic advice on a lease renewal, contact Ashurst Real Estate on 020 7419 5117.

As for this property — the file is already open in readiness for the forthcoming rent review!!