Acting on behalf of the freeholders, Canterbury City Council, Hanover Green have completed the successful regear of two medium term leaseholds at low fixed ground rents to new 125 year leases at side by side geared ground rents.
Both existing leases at 23 and 21 St Georges Street had under 40 years remaining and the new leases will enable both the City Council to share in the rents passing moving forward and the leaseholders to invest in their assets for the longer term. Both deals extracted most of the marriage value hidden by the existing structure.
23 St George Street is let to Superdrug for a further 10 years and 21 St George Street is let to Poundland for a further 10 years. Coal Pension Properties owns the lease on No 23 and are represented by La Salle Investment Management and Retail Value Ltd Partnership owns the lease on No 23 and are represented by Hermes Investment Management.
Hanover Green acted for Canterbury City Council on the regears and marriage value extraction.