Page 37 - Interbay 2nd Charge Consent - Email and Docs

Brandon Ray

Subject: 20004428 | Monkey Puzzle House | Undertaking | 2nd Charge Consent | Overview Doc's
Attachments: Monkey Puzzle House - NEW Ground Floor Tenants 2-5yr.pdf; SUITE 1. HOMEPLAY and
SUITE 1.A - Tenda Ground Flr.pdf

From: Brandon Ray [mailto:brandon.ray@monkeypuzzleholdings.co.uk]
Sent: 13 June 2023 11:22
To: r.chun@sinclairslaw.co.uk
Cc: brandon.ray@monkeypm.co.uk
Subject: 20004428 | Monkey Puzzle House | Undertaking | 2nd Charge Consent | Overview Doc's

Dear Emmie,

Over the past year my client has spent more than £65,000 of company funds to improve and create smaller
offices to allow more tenants to occupy part of the premises as the previous layout was not attractive to
potential tenants due to the new work ethos of working from home etc. Our client had new internal office
walls, glass walls, security alarms and CCTV installed, re-decorated, installed carpet and refitted the server
room-comms-rooms etc. to upgrade every aspect and transform the ground floor of the property and this
has provided three high-end smaller sized offices and as a result three new tenants have entered new leases
ranging from 2 years to 5 years.

SUITE 1. Homeplay has a new 5 year Lease | SUITE 1.A Tenda UK has a 2 year lease | SUITE 1.B Genever
Partners has a 2 year lease

The reason for the recent arrears is due to the major upgrade investment and the inherent expenditure,
coupled with the unprecedented uplift in the utility by for both gas and electric which has quadrupled. The
investment was necessary to switch from the pre-pandemic model of a single tenant on the ground floor, to
very much more contemporary and more risk averse smaller offices units with three tenants giving all
parties a higher degree of future proofing and a very much more suitable and a much more viable
proposition for serviced offices within today’s more flexible smaller office market which now will prevail for
the foreseeable future. All the work is now fully completed and the new tenants in occupation.

Referring to the current arrears, our client believes the arrears to be in the sum of £7060.00 and we confirm
that we shall settle those arrears from the funds released on completion of the second charge. Our client
confirms that the monthly payments will resume as normal going forward as no further works are
anticipated which would use up part of the rental income.
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Please find attached the new ground floor layout of the newly upgraded suites and a photo of the completed
internal works for you to see the positive and beneficial effects.

1