Heals, Kings Road, London

Client: UK Institution

Sector: High Street Retail


Heals department store was a key tenant for our client, so when the company announced it was closing its Kings Road branch, our client leveraged our market intelligence to secure a replacement tenant–Metro Bank–at a considerably higher rent. It meant that they could surrender the Heals lease and add significant security and value to the property, which is a core asset within their Fund. 


A chief concern was the possibility of Heals forfeiting their lease through administration. It was also conceivable that they could assign their lease to a less desirable tenant, which would impact the value of our client’s property. Our challenge was to source a high-quality tenant quickly to sidestep being affected by potentially serious financial issues or the assignment of the lease to a lesser quality tenant.


By proactively seeking a new high-quality tenant, we helped our client capitalise on the closure of Heals and transform a potential issue into an opportunity to force value into the asset. 

Process and insights 

Having received instructions from our client, we analysed potential occupational requirements and identified approaches that would yield an appropriate replacement retailer. 


Using market intelligence, we helped our client secure a new tenant at a higher rent and also a more secure covenant than the previous tenant, Heals. As part of the transaction, we also successfully secured a sub-tenant for Metro Bank on one of the upper levels, enabling Metro Bank to complete on the lease. These combined factors added significant value to our client’s property asset. 

Need help managing tenants and negotiating lease terms to add value to your property assets? Credo Asset Management will help you mitigate threats and maximise opportunities–get in touch today.