CORPORATE SERVICES GROUP

CLIENT BRIEF

Our client Corporate Services Group (better known as Blue Arrow and Man Power) occupied the 1st floor of Cardinal House as their London HQ under a lease expiring June 2011 at a passing rental of £46psf which was seen as significantly over rented compared to other space in the local letting market. Ask-re were instructed to dispose of the leasehold interest while our clients decamped to their existing premises in Banbury. It was important to keep marketing voids to a minimum and ensure rent free and incentives offered were not excusable.

OUR PROFESSIONAL APPROACH

We carried out a targeted detailed marketing campaign with brochure and various initiatives. At the time of marketing the Victoria office market was struggling yet we continued to drive forward viewings and interest. We eventually secured serious interest from Lockhead Martin and after tough negotiations we achieved an assignment of the lease which was then over rented by circa £8-£10psf. Despite this handicap, we eventually agreed terms. Solicitors were instructed and ask-re finished the process to ensure the documentation was agreed swiftly, with little loss to the client.

THE VERDICT

Marketing proved difficult due to the over rented aspect of the property, however once our client had vacated and refurbished the floor we were able to secure a tenant which was a significant achievement due to the remaining term of the lease, the state of the market, as well as the over-rent. This was altogether a really great outcome.