Project summary
- FinTech company needed to relocate due to the redevelopment of their existing premises at Millbank Tower, Victoria.
- Our agency team were instructed to acquire a single floor of c. 5,500 sq ft of office space within the Victoria area.
- We conducted costed appraisal work on various options, including a full comparison of serviced offices vs traditional offices.
Solution
- Conducted a comprehensive market search to identify properties that met the client’s location, size, and budget requirements.
- Detailed CAT A vs CAT A+ (fitted options) on a cost comparison basis ensuring the most cost effective solution was achieved for the client.
- Provided detailed costed appraisals for each shortlisted property including, rental costs, service charge, business rates, rent free incentives and fit out costs. Also illustrating how the costs compared with serviced office options.
- Negotiated favourable lease terms, achieving a competitive rent, rent-free period and a landlord contribution towards carpet and floor boxes and a service charge cap.
Benefits
- Through our advice our client successfully relocated to a prime Grade II listed office space in Victoria with minimal disruption to their operations.
- The detailed appraisal process allowed the client to make an informed decision that balanced upfront costs with their long-term financial commitments.
- We agreed favourable financial terms, including a reduction from the quoting rent and a favourable rent-free period. This reduced our client's initial capital outlay and financial obligations under the lease.
- We secured a high-quality office space in the clients preferred location, which satisfied their operational needs and all within budget.
