Reach plc is the largest national and regional news publisher in the UK with a leading portfolio in Ireland. It creates engaging, relevant content which is distributed through newspapers, magazines and digital platforms – playing a central role in its audiences’ daily lives. Its national and regional brands have a long heritage of being trusted sources of the latest news, information, sport and entertainment, offering a range of opportunities to connect brands with consumers. With one of the biggest monthly multi-platform audiences in the UK, Reach’s national and regional news brands are prominent champions, campaigners and changemakers.
Background
In Q4 2013 Canary Wharf was awash with over 1.7 million sq ft available offices (ignoring ‘grey’ space which accounted for an additional 12% floorspace) and it was into this market that Reach wished to reduce its office footprint by disposing of circa 27,000 sq ft surplus offices at One Canada Square, E14 (the UKs tallest building) for the remaining 4.5 years under its lease. With prime rents flatlining for 10 quarters McCalmont-Woods recommended quoting a deep discounted rent of £17.50 per sq ft (from £40 per sq ft rent passing) to pique the interest of potential occupiers.
Outcome
McCalmont-Woods concluded a letting to High Speed Two (‘HS2’), the government funded company responsible for developing and promoting the UK’s new high speed rail network, on 16,410 sq ft in May 2014. Then, six months later, McCalmont-Woods persuaded HS2 to lease the 10,521 sq ft balance of Level 19. The successful disposal of the entire surplus floor under two subleases, with rent payable from day one, produced a combined cost saving to Reach of circa £5,750,000.
Mike Shaw, Group Services Director
“We have had a long-standing business relationship with Nick McCalmont-Woods, where he has acted for us appertaining a number of difficult and delicate property transactions, within our London portfolio. In all respects the work undertaken by Nick has been done in an utterly professional and conscientious way and he has a unique ability to understand his clients requirements from day one, without being overawed by the task at hand.”
