Objective
Dominion Corporate Services Limited wished to exit its offices in 23 College Hill, EC4 and so in March 2013 appointed McCalmont-Woods to manage the disposal of its 6th floor lease which still had 5 years to run to March 2018, subject to a 3 year tenant’s break option. The £55.00 per sq ft rent passing was subject to a rent review in April 2013.
Services Provided
McCalmont-Woods devised and implemented a marketing campaign aimed at occupiers interested in the opportunity to benefit from the flexible lease term available and also the potential significant capex savings that would result from being able to re-use Dominion’s existing high quality office fit-out. In addition McCalmont-Woods formulated a strategy for negotiating the upward only rent review against Dominion’s immediate landlord in order that the outstanding lease event would not impinge on Dominion’s ability to dispose of its surplus lease.
Result
McCalmont-Woods succeeded in identifying a US based investment bank to take an assignment of Dominion’s lease within four weeks from commencement of formal marketing.
Client Benefit
Dominion achieved c.80% lease cost savings and was also able to recoup seven months rent deposit on completion of the lease assignment.
