In 2019 we were appointed by one of the UK’s leading specialist real estate investment, development and management firms to act on their behalf in respect of the acquisition of their new London HQ of c.20,000 sq ft. This would house three combined group companies under one roof. Whilst we were at the point of agreeing terms on dynamic and creative space for them in the Truman Brewery Estate on Brick Lane, Covid struck.
Truman Brewery, Brick Lane, E1
Wigmore Street, Marylebone, W1
56-60 Conduit Street, Mayfair, W1
We then immediately re-geared the lease held by the main group company in Marylebone, totalling 8,000 sq ft , ensuring flexibility whilst maintaining the passing rent and in tandem with this, we negotiated an inducement by way of rent free period. Alongside this we also acquired, on a short-term basis, approximately 5,000 sq ft for two of the group companies within a Crown Estate building in Conduit Street in Mayfair. We were able to secure these premises at a ‘nil’ rent cost. Our client was only required to pay rates and service charges.
Since then and with the vagaries of Covid, fluctuating market conditions, and the war in Ukraine we have further re-geared their Marylebone lease and are now working on a strategy for the acquisition of new premises to house the three group companies, in July 2023. Throughout the process we protected our client’s position, whilst maintaining flexibility to allow for future growth.