GOLDEN RESULT

CLIENT BRIEF

Our initial instructions from the client were to dispose of their existing Head Office at 105 Piccadilly W1. The lease had 3 years to run until the expiry. Ask-re undertook various marketing campaigns and as a result of these, in a rapidly declining market, secured interest from a FTSE 100 tenant to assign the lease on favourable terms, taking on a large service charge liability at above market rent. On favourable terms having successfully secured this interest, we were then asked to acquire new premises in Mayfair. We negotiated market terms on 52 Charles Street W1, just off Berkeley Square, and secured a new 6-year lease with reduced rent and a rent-free period. Following simultaneous exchange of contracts for both Piccadilly and Charles Street ask-re’s building consultancy undertook the project management of the client’s fit out. They delivered, in an extremely short time frame, a high specification office space within budget enabling a seamless relocation to these new premises, using our specialist office fit- out and design team, Smartspace. Following the move ask-re are now undertaking an appeal and negotiation of 2005 business rates liabilities at the new premises having already achieved a successful result at Piccadilly. The appeal process will then be undertaken following the 2010 Revaluation. Finally, we are advising our client actively on Facilities Management matters to ensure the office environment remains well maintained and safe for the coming few years.

Richard Shead, Director of Oxus Gold says: 'We saw the opportunity in a declining market and decided to relocate our office to Berkeley Square, our preferred location. Ask-re disposed of our lease whilst securing offices in the square on favourable terms, and ensured both the fit out and office relocation were completed on time, on budget and to a high standard. As a business we're focused on day to day operations and ask-re's proactive and full-service approach has made the move both a commercial and operational success.'

OUR PROFESSIONAL APPROACH

Agency and business space leasing, business rates negotiations, project management and design, Facilities Management.

THE SUCCESS STORY

To dispose of the large liability of the existing floor at a rent above market plus high service charge. To acquire new premises on a flexible lease on competitive market terms, within a short time frame. Key issue for liability purposes was to ensure we could simultaneously exchange on both leases, which was achieved. Key fit-out and furniture procurement delivered on budget ensuring a cost effective and successful relocation and “lift and shift” by Globe facilities.