NEWS AT DEVONO

Nil rent short term deal agreed by DeVono Cresa in City of London, EC1

Our client is a rapidly expanding company partially owned by Tesco. They are a family company making artisan coffee and bringing a whole new coffee experience to the high street which now includes an estate of 20 sites. 

They contacted DeVono Cresa urgently seeking new office space.

DeVono Cresa met with them to take a detailed brief and advise on a specific relocation and search strategy.

DeVono Cresa suggested looking at short term leases which would provide much needed flexibility for their fast growing company, but also extremely favourable financial terms.

We undertook a detailed search and showed our clients 8 suitable buildings within their desired City Fringe locations.

Two preferred office options were shortlisted and reviewed with senior management.

Negotiations commenced on the favourite option which was in Chiswell Street, EC1 measuring just under 5,000 sq ft.

DeVono Cresa negotiated a reverse premium which equates to a rent of £Nil to cover the 33 month term and a sum to cover terminal dilapidations. We also provided a terminal dilapidations assessment.

Heads of Terms for the office space was agreed between all parties.

Our client appreciated our efforts, saying “Many thanks to DeVono Cresa for your tenacity and help in the acquisition of our new office. DeVono Cresa understood our requirement and worked hard to identify suitable opportunities which matched our growth plans. They negotiated a cracking deal and we are very much looking forward to the big move.”

By: Kirsty MacGregor