Our clients were seeking a property advisor to provide a detailed review of their property requirements and provide advice on their future commercial property strategy.
They occupied just under 9,000 sq ft in Grosvenor Place, SW1X
Our client is one of the leading providers of housing management services, maintaining and improving homes across the borough of Westminster.
After an extensive tender process involving three property advisors, DeVono Cresa were successfully instructed to advise. They initially wanted us to carry out a review of their existing facility as well as provide a detailed analysis of the office market and then provide the practical recommendations for the next stage of the strategy.
DeVono Cresa quickly discovered that their lease was inside the Landlord and Tenant Act 1954 and therefore they had the right to security of tenure meaning an automatic right to renew their lease.
In order to educate the client and give them an understanding of the market, DeVono Cresa carried out a number of viewing tours to highlight existing availability.
After an analysis of the property costs on the existing premises, compared with those of a new property, the decision was made that a renewal of the existing lease was the clear preferred route.
DeVono Cresa advised on the detail within the 1954 Act renewal process to protect their legal rights within a protected lease.
In a rising market, it was inevitable that they would face a higher rent. However, DeVono Cresa minimised the rent review and also managed to secure a substantial rent free period for them which led onto a successful conclusion.
By: Kirsty MacGregor