As the retained agent for Decathlon, Richard acquired two units at Angel Way previously occupied by Tempo and Pets at Home totalling approximately 25,000 sq ft.
Some two or three years later Richard also acquired a larger regional outlet at Thurrock for Decathlon and therefore the company decided to close the Romford store as they felt that the larger store would cannibalise the other.
Decathlon instructed Richard to put the lease on the market and such were the property market conditions in Romford at the time that this did not find any suitable occupiers. However, the site itself was an important strategic site in the context of Romford and the town centre and it was felt that it could have great potential for redevelopment subject to the appropriate planning consent.
Accordingly, Decathlon asked Richard to go and seek a suitable purchaser for the freehold. Although the existing owner was not interested in redevelopment it was thought that a new owner might then be able to release Decathlon from their contract when the prospect of achieving planning consent became more concrete.
However, Decathlon wished to move out prior to consent being granted and so Richard engineered a surrender which enabled Decathlon to concentrate their efforts on the new store at Thurrock and gave the new owner early Vacant possession in return for a capital sum.
Decathlon are now happily trading at Thurrock in a very successful 40,000 sq ft unit and the Zog Group are anticipating a planning consent for the redevelopment of the site to incorporate a hotel, residential units and some element of retail which will almost doubled the value of the existing investment let to Decathlon.