NEWS AT DEVONO

DeVono Cresa acquire a short term remainder lease in The City, EC2

Our client works within the recruitment, head hunting industry and their business was growing rapidly and therefore they urgently required additional office space to accommodate this growth.  

They contacted DeVono Cresa to gain a better knowledge of what their commercial property strategy should be moving forward and DeVono Cresa went about a strategic review of their business and translated this into achievable, practical advice.

DeVono Cresa advised that due to their continued expected growth in the coming years a shorter term office lease at a reduced rental level would offer the flexibility required to accommodate the positive changes their business was experiencing.

DeVono Cresa undertook a full on and off market office search and actively viewed all relevant options with our client. Once all options had been reviewed both in the physical and financial sense, the preferred option located in the heart of the City of London on New Broad Street, EC2 was confirmed by the board of Directors as the preferred option for DeVono Cresa to pursue on their behalf.

Negotiations commenced and ultimately concluded with DeVono Cresa achieving a 10% reduction off the quoting rent, a significant rent free period and various occupier friendly elements such as protection from future dilapidations liabilities and flexible lease exit routes. DeVono Cresa than went on to assist in agreeing the details required within the landlord’s scope of works, as well as the tenant responsibilities such as the air-conditioning maintenance.

DeVono Cresa check measured the floor and found it to be just under 5,000 sq ft, which was 100 square feet smaller than what was originally quoted, thus saving our client a considerable amount of money over the term of their lease in rent, rates and service charge payments and then went on to produce a schedule of condition outlining the spaces current condition.

Our client then went on to complete the lease with DeVono Cresa over seeing the conveyancing stage with two to three conference calls per week involving all relevant parties.

Our clients comments on the process were;

“[We] appreciate the support and information you have given throughout the process…you were involved at every step, informative, credible and gave sound advice. To be honest I initially thought the value DeVono Cresa would provide would be around sourcing the property and some of the negotiation. I found this to be the case and much more. In particular it was great having your guidance around key issues during the completion process. We would definitely use DeVono Cresa again as it is proven you save time, provide expertise, negotiate the best price and found us a top quality office. We will be looking again in 2015 and I look forward to us working together again.”