This is a classic case of opportunism, where my
client was able to take benefit from one of those rare instances, when a business’s objectives and it’s property opportunities are in perfect alignment.
At the end of 2011, the client was reviewing whether or not it should consider relocating when it’s Lease came to an end - due in mid 2014.
The client was fundamentally happy with the space but the rent was quite high in the current market place.
I had over time secured a good relationship with the Landlords UK representative, and was able to 'tease' out from them previously that they had been working towards a new ‘block’ date for the whole 7 floor building, given the current recession. They had other space coming up in the building and whilst they had deep pockets, the last thing they wanted was a further void.
Thus the opportunity started to take shape.
What was agreed?
A Reduction of £505,000 pa (41%).
Total Savings Achieved: £1,400,000