NEWS AT DEVONO

Large rent savings for IT client in Canary Wharf, E14

Our IT client had been given notice from their landlord to vacate their office as there was a planned redevelopment taking place.

They had established themselves in Canary Wharf, E14, over a number of years and wanted to remain within the E14 postcode. The main Canary Wharf Estate was too expensive so the search was focussed on the fringe E14 locations.

The size was a little unknown as they were unsure about their business growth expectancy in the coming years. They originally required about 5,000 square feet, but, on DeVono Cresa’s advice, they increased the size to incorporate future growth. DeVono Cresa continued to advise throughout the project on firming up a correct floor area to concentrate on within the search.

The property search that DeVono Cresa undertook unearthed some interesting office options and two buildings were then shortlisted as preferred options.

Once the first option was rejected on the grounds of it being a little too short of a lease, negotiations on the 2nd option commenced. The second option on Selsdon Way, E14 measured over 6,500 sq ft.

DeVono Cresa went on to agree large savings on the rent, large levels of savings through a rent free period totalling 24 months and further occupier friendly provisions over a 10 year lease term.

Once solicitors were instructed, DeVono Cresa kept a constant dialogue going between client, solicitor and landlord.

Overall, DeVono Cresa saved the client in excess of £500,000 over the 10 year lease period.

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