DeVono were appointed after a long-standing relationship with the founder of Cazoo, to embark on a search and acquisition for their first London office. A thorough unveiling of the Euston / Kings Cross submarket was followed by accompanied viewing tours and subsequently detailed head of terms negotiations on a favoured building.
The accommodation acquired was a short-term sublet from an AI company looking to mitigate a liability, and so favourable terms were secured by way of a low passing rent, above-market rent free incentives, and a limited repairing liability.
DeVono were once again retained to then deal with the lease renewal with the landlord, once the sublease approached expiry. A new longer term lease was then agreed on revised terms, with a landlord who invested capital on the building for Cazoo’s future use.
In conjunction with these leasehold transactions, our flex / managed office team, were tasked with sourcing an overflow requirement, to the order of 100 desks, and so carried out a search of the flex market. A unique opportunity presented itself at a mainstream, high profile, serviced office provider, located next door to the original leasehold property. A flexible licence agreement was agreed on newly fitted out managed space, for a term to coincide with the neighbouring existing lease.