Five years after rents collapsed, are young negotiators up to the challenge?

In June, September and December 2008 respectively, three settlements on identical 14,000 sq ft floors of quality Mayfair offices in Queensbury House, Old Burlington Street, evidenced the true fall in the office rental market either side of the Lehman collapse in September 2008.

The agreements were for £102/sq ft in June 2008, £78/sq ft in September and £68/sq ft in December. My firm handled the last one.

At least 90% of leases are on five-year patterns, whether break clauses, reviews or expiries. And so, these same negotiations now resurface.

Almost five years from June 2008 to June 2013, landlords have not been able to gain increases on reserved rents, and the “rent boys” — those in surveying professional departments - have been busying themselves on lease expiry, break clause and lease restructuring negotiations.

However, from this month onwards, rent reviews will be back in force, not only on prime Mayfair offices negotiated from December 2008 onwards, but virtually all over central London, and even, in some cases, in the regions.
The market fell further in 2009 and, therefore, 2014 increases ­ especially if the market continues at its present strength ­ will bring battles between landlords that expect full market rental values and tenants fighting their corner.

Many tenants who took grade A offices in the best locations, which were relatively cheap in 2009 and 2010, will face increases they cannot afford in 2014 and 2015 respectively, and may have to exercise break clauses or exit when the lease expires.

Those who have committed to longer leases may be in the fortunate position of being in a market where demand will exceed supply, and, despite the higher rents now prevailing, assignments will be possible.
Landlords may even be tempted to take surrenders for open market reletting.

What is needed now are rent negotiators with experience. Clearly, perhaps with the exception of the writer and a handful of others, most of the doyens of the industry who were active in the 1970s and 1980s have cast down their tools, but a few senior rent review and lease renewal specialists are still around, sharing their experience with the next crop, who are in their forties and fifties.

Let’s call them the middle-market rent review specialists, who cut their teeth mainly through the meteoric rises in rental values from 1997 to 1999 and 2005 and late 2007/early 2008.

However, many of those guys moved to different departments in their firms, when there was not enough rent review work around, and now there is a shortage of good surveyors who know how to run an arbitration or court case.

Game on

As far as the next batch are concerned — let’s call them the youngsters — they probably only had a year or two as assistants before the market collapsed in late 2008. They will have to learn quickly to be able to cope with the abundance of work emanating from this phenomenon.

I forecast in 2010 that this renewed workload would return in December 2013, and now I wonder how many firms have trained and increased their workforce to cope with the activity.

I hope that the service given to clients, whether landlord or tenant, is as good as it was when we didn’t have this helter-skelter situation, whereby the rent review market was closed for almost five years and then reopened with a vengeance.

Ewing House, Brentwood CM14

Major media occupier clients,  holding lease on 18,000 sq ft offices, until June 2018 with rent review and break clause June 2013, were undecided on relocation.

After extensive negotiations, the landlord enticed the tenant to stay in occupation, offering a rent free equivalent of approximately 9 months, and for breaking.

The tenant did progress relocation negotiations, which were aborted in view of the Landlords last minute proposal.

On balance, a benefit of the rent free vs. the cost of fit out, the balance swung in favour of continued occupation to the existing facility.

Professional | Anthony Lorenz | Kathryn Sowter

112-113 New Covent Garden Market & Timbermill Way, Clapham

For Liberty Wines, we acquired a site to develop their new 26,000 sq ft warehouse and office facility, close to their previous HQ in New Covent Garden Market.

Professional | Anthony Lorenz

Cut a Deal - 45 Conduit Street, London W1

Hairdressers, Daniel Hersheson, sought our advice to renew lease on some 4,000 sq ft of retail space on Conduit Street, where a 25% saving was gained from the Landlord’s quoting rent.

The settlement of this extensive retail unit, being achieved at £205 per sq ft Zone A.

Professional | Anthony Lorenz

48 Albemarle Street, London W1

The owners approached us to secure vacant possession of the 2^nd and 3^rd floor offices from a Tenant who enjoyed Landlord and Tenant rights, although they have been holding over for 4 years in a rising market.

The back rent, used following agreement, persuaded the Tenant to accept a premium, which was less than statutory compensation, to give up their renewal rights, and vacate so that our client could proceed with development plans, which the Tenant could have held up for a year and a half.

A satisfactory outcome indeed.

Professional | Anthony Lorenz 

6th Floor, Berger House, Berkeley Square

Long established client, Seven Seas Maritime, approached lease expiry and after extensive negotiations with the Landlord we renewed their lease on some 2,940 sq ft a rent of £67.50 per sq ft with a rent free period.

Rent frees are often available on lease renewals.

Professional | Anthony Lorenz | Andrew Knights

57,000 sq ft Office Surrender, Chertsey

Our major media Corporate Occupier client, held a lease on some 57,000 sq ft of non occupational offices, with 2 sub-tenants who were both outside the Landlord and Tenant Act.

They faced approximately £2.2m worth of outgoings until the end of their lease, to include dilapidations and the Landlord offered to take a surrender at £1.4m.

It seemed low and something was obviously wrong.

Via inspection, we ascertained that the Landlord was re-letting to our Client’s sub-tenants, who were both outside the Landlord and Tenant Act, expiring 3 months before our Client’s lease.

The Landlord could not achieve his aims without our Client surrendering, and not only did we negotiate a free surrender but also the Landlord paid our fees.

Professional | Anthony Lorenz | Kathryn Sowter 

12 Hobart Place – All’s Well that Ends Well

Our Clients, Libra, headquartered at 13/14 Hobart Place, received a break notice from the Landlord, to terminate their lease on overflow offices at 12 Hobart Place as from October, partly for the Landlord’s own occupation, and partly for re-letting.

Our Clients were intent on renewing the entire building, comprising 4,445 sq ft, and after fierce negotiations renewed until October 2020, subject to mutual break clauses, at 7% higher than the rent they were paying, with 4 ½ months’ rent free period, subject to a 2 year contribution to accommodate the Landlords in alternative offices at, under £50,000 per annum.

The rent free period covered the contribution.

So all in all, our Clients ended up renewing at the rent they were previously paying, despite the fact that they initially faced being thrown out on the street.

Agency | Anthony Lorenz | Anthony Epenetos | Andrew Knights 

LORENZ INSTRUCTED TO LET 'GRADE A' ACCOMMODATION IN LANDMARK BUILDING - 45 SEYMOUR STREET W1

YORK HOUSE, 45 SEYMOUR STREET

LONDON W1

GRADE A FULLY FITTED “PLUG AND PLAY”

OFFICE TO LET

COULD BE SUITABLE FOR SHOWROOM USE SUBJECT TO PLANNING AND LANDLORDS CONSENT

APPROXIMATELY 4,808 SQ FT

Ready to move in without expense

   Location

This impressive headquarters building was developed by British Land in 2007 and is just a short distance from Portman Square which offers a variety of high quality office and residential accommodation surrounded by well known retailers, restaurants and hotels. The property is within a short walk from Marble Arch, Bond Street and Baker Street underground stations.

Accommodation

The availability comprises some 4,808 sq ft situated on the ground floor on the east wing of this modern premier development offering a ‘wow factor’ double height reception. The suite is of Grade A specification accessed directly from the main reception lobby and provides a self contained, fully fitted “plug and play” floor. The existing fit out is to a very high standard and comprises  a spacious open plan area, 3 large offices, 3 meeting/board rooms, fully fitted kitchen and demised male/female toilets..

 The high quality furniture in situ can be made available by separate arrangement.

 Amenities

        ·        Air conditioning                           ·      Fully fitted to very high standard    

·      Double height reception area     ·      Demised Male and Female WC’s

·      Concierge                                   ·      Good floor to ceiling height throughout

·      Raised floor                                ·      Good natural light

·      24 hour security                         ·      Access 24/7

   Lease                                                                                                            
   Lease by arrangement                                                                                    

   Rent
  £59.50 per sq ft (£286,076 per annum) exclusive of all other outgoings
                                        
  Rates Payable                                                                                               
  Approximately £30.60 per sq ft (£147,125 per annum)                                     
                                                                                                   
  Service Charge                                                                                          
  Approximately £10.50 per sq ft (£50,484 per annum)                                        

                                                                                                                    

Units 1&2 Twyford Place, High Wycombe

BSkyB held 2 units on this building, comprising about 8,000 sq ft, in a completely dilapidated state for another 7 years, with potential outgoings of over £1.0m, being completely unlettable without a full refurbishment.

Through extensive negotiations with the Landlords, they were surrendered at a discount, almost 30% to the total outgoings.

These were the Landlord's problems rather than our Clients.

Professional | Anthony Lorenz | Kathryn Sowter

PART 1ST FLOOR, 1 BAKER STREET, LONDON W1

Following the acquisition of the new Elemis London HQ at 1 Baker Street , in July 2012 we successfully sub-let surplus space for them comprising some 1,235 sq ft to Modacs Ltd for a term until August 2014 at an annual rent £45.00 per sq ft exclusive. 

Agency | Andrew Knights | Anthony Epenetos

Gallery Acquisition – 55 South Audley Street, W1

In July 2011 Carlson Gallery Ltd engaged us to find suitable gallery premises in Mayfair. After inspecting several “on market” and “off market” opportunities they finally agreed a lease on circa 3,000 sq ft over the ground and LG floors at 55 South Audley Street, a prominent unit with large frontage near the junction with Mount Street, previously occupied by Mansour Carpets. A 10 year lease was agreed at a competitive rent and we successfully negotiated a sizeable rent free incentive in a market where most Gallery occupiers are paying large premiums to secure retail premises.

Agency Acquisition | Anthony Epenetos | Andrew Knights

4th Floor, Manor House, 21 Soho Square, London W1

See Group Ltd contracted The Lorenz Consultancy to dispose of this self-contained building comprising approximately 22,000 sq ft of office accommodation.
After extensive negotiations with multiple corporate occupiers, the decision was made for See Group Ltd to stay in occupation of the ground and 1st floors and to only dispose of the vacant upper floors, comprising approximately 10,500 sq ft.
In March 2012, we successfully let the 4th floor to Hireworks Ltd, comprising 3,301 sq ft at an inclusive annual rent of £180,000 for a term expiring in February 2017.

Agency Disposal | Andrew Knights

3RD FLOOR, 6 BROOK STREET, LONDON W1

Resource Europe Management Ltd had a break clause in their existing lease on some 2,500 sq ft at 10 Brook Street which they subsequently exercised in order to downsize with them only needing 500 – 1,000 sq ft. We successfully found them space 2 doors down at 6 Brook Street whereby we successfully acquired the 3rd floor comprising 577 sq ft for a term of 5 years subject to a Tenant only option to determine at the 3rd anniversary of the term at an annual rent of £35,000 per annum inclusive of service charge.

Agency Disposal | Andrew Knights

Kew Bridge Road, Brentford

Settled 21,000 sq ft dilapidations claim for Landlord in Brentford at approximately £8 per sq ft.

Professional | Anthony Lorenz 

Unit 8, The Terraces, Brighton

The Lorenz Consultancy was instructed on behalf of Brighton Seafront Regeneration Limited to negotiate this restaurant rent review overlooking Brighton Seafront and The Palace Pier.
The rent review proceeded to an Independent Expert determination, where the rent was increased from £70,000 per annum to £113,500 per annum.

Professional | Kathryn Sowter

28 Baker Street, London, W1

On behalf of Loftus Family Property, we negotiated the 25 March 2010 rent review of the Betfred unit at 28 Baker Street, where the rent was increased from £52,000 per annum to £59,000 per annum.

Professional | Kathryn Sowter

23 Woodstock Street, London W1

A long standing client of the firm, Bonhams, instructed The Lorenz Consultancy to negotiate the June 2011 lease renewal of their office premises, situated adjacent to the main Bonhams site.
A new 5 year lease was agreed subject to mutual break options from March 2014.

Professional | Kathryn Sowter

Fountain Court, Oxford Spires Business Park, Kidlington

The Lorenz Consultancy were retained by Eskmuir Properties to negotiate the lease renewal of offices on this Oxfordshire Business Park. The Tenant, Thames Valley Policy, occupy some 15,000 sq ft in the subject building, together with other buildings on the Park. We negotiated a 10 year lease, with a Tenant option to break in year 5 at a rent of over £200,000 per annum.

Professional | Anthony Lorenz | Kathryn Sowter

24/25 Mount Street, London, W1

We were appointed on behalf of Frelene Limited to negotiate the rent review of the Marc Jacobs unit on Mount Street. This prestigious retailing street in Mayfair has seen significant rental increases in recent years and this trend was reflected in the rent which was reviewed from £120,000 per annum to £310,000 per annum, equating to £345 per sq ft Zone A.

Professional | Kathryn Sowter

1-3 Walton Street

The Lorenz Consultancy acted for the famous Italian Restaurant, Scalini, in the negotiation of their rent review effective September 2010.
With only 5 years remaining on the lease, we also negotiated a 15 year extension, thus ensuring the continued success of Scalini for the foreseeable future.

Professional | Kathryn Sowter

11 South Molton Street, London W1

Toast, the Tenant at No. 11 South Molton Street, has instructed us to negotiate their rent review, effective June 2012. Interestingly the premises are demised over ground floor and basement,  with no interconnection between the two, thus we will be seeking a hefty discount off the market rent.

Rents in South Molton Street have sky rocketed over the last 2 years, with the latest transaction rumored to have been agreed at over £400 per sq.ft Zone A. With the current rent passing at £287 per sq.ft Zone A it will be a challenge to minimize the rental increase, however we are up to the challenge.

Professional | Kathryn Sowter | Kimi Gordon 

Book & Comic Exchange - 14 Pembridge Road, W11

The Landlords at 14 Pembridge Road instructed The Lorenz Consultancy to take on the November 2011 rent review against their Tenant, who run a comic exchange operation and fill every space available on the ground floor and basement with Comics.

We managed to secure an increase from £42,400 per annum equating to £105 per sq.ft Zone A, to £56,500 per annum equating to £134 per sq.ft Zone A.

We have now been instructed to act on behalf of the same Landlord at No. 10 Pembridge Road on their lease renewal, effective later in the year.

Professional | Kathryn Sowter | Kimi Gordon

BMCE – 2nd floor, 26 Upper Brook Street

In November 2011 BMCE Bank International Ltd approached us to acquire the second floor at 26 Upper Brook Street, a building where they occupy the ground floor. After inspecting the premises a new lease was agreed at a rent of just under £70.00 per sq ft exclusive for a term circa 7 years i.e. co-terminus with their existing lease on the ground floor, with a tenant only option to determine (subject to 6 months prior written notice) and an upwards only rent review after 2 years. A substantial initial rent free period was agreed and a further sizeable rent free incentive if the option to determine the lease is not exercised. The lease is outside the Landlord and Tenant Act 1954. The search for suitable A2 premises for the retail arm of the Bank continues.

Agency Acquisition | Anthony Epenetos

12 Crypton Technology Business Park, Bridgewater

Negotiated exit of leases including dilapidations claim for beauty products and health care specialist, Elemis.

Professional | Anthony Lorenz

Her Majesty's Theatre, Haymarket

We even get involved in theatre rent reviews and acting for Really Useful Group, we regeared the Lease held on the 1,200 seat theatre in consideration of under £100,000 against the Landlord’s quote of £250,000 per annum, extending our client’s occupancy until August 2030.


Professional | Anthony Lorenz | Kathryn Sowter

13 Carlos Place

Hamilton Galleries have been clients of the firm for almost 15 years and we settled their September 2011 rent review at a rent of just under £250,000 per annum for some 3,700sq ft of retail space. We took a proactive stance on this review in view of a fast rising retail market in the area.


Professional | Anthony Lorenz | Kathryn Sowter

1 Baker Street, London W1

We represented Enodis Ltd on the disposal of  8,653 sq ft on the first floor of 1 Baker Street at the junction of Portman Square.

We located the Tenant directly, an existing client of ours, the beauty product and spa specialist, Elemis, who took a lease until August 2014 subject to a 5 year reversionary lease from expiry.

Agency Disposal | Anthony Lorenz | Andrew Knights | Anthony Epenetos

Disposal of Mayfair Office Building, 10 Haunch of Venison Yard

We represented Elemis, leaders in the field of beauty products and spas, on the disposal of their Head Office in Mayfair comprising virtually 5,000sq ft, to nearby occupier, Bonhams.

The Lease was held at £125,000 per annum exclusive and a very substantial premium was negotiated, to facilitate Bonhams moving into the building pending the redevelopment of their adjacent Auction House.


Agency Disposal | Anthony Lorenz | Andrew Knights | Anthony Epenetos

PARNELL HOUSE, 25 WILTON ROAD, LONDON SW1

Masefield Ltd, instructed us to dispose of circa 15,000 sq ft office space over the part ground and 1st floor at Parnell House, 25 Wilton Road, SW1. After several sub-lettings, we successfully let the remaining 3,000 sq ft part 1st floor space plus one car parking space to Mecom Plc for a term until February 2014 at a rent of £93,250 per annum exclusive with no rent free period.

Agency Acquisition | Anthony Epenetos | Andrew Knights

Liverpool Street Station, London

We have been instructed by Hawes and Curtis to minimise their rent review. They are high quality shirt makers, located in the station forecourt so watch this space.

Prodessional | Kathryn Sowter | Kimi Gordon

12 QUEEN ANNE STREET, LONDON W1

We have successfully disposed of the 8 year unexpired lease on some 5,517 sq ft + 2 flats to an unnamed purchaser for consideration of just over £6.5m which was secured by securing the right to acquire the Freehold, facilitating a profitable subsequent disposal of the interest.

Tony Lorenz comments that there is a coercion of law whereby Leases held on entire buildings of over 21 years on commencement are sometimes enfranchisable, entitling the Leaseholder to force the Landlord to sell the Freehold at market terms.

Agency Disposal | Anthony Lorenz | Andrew Knights | Anthony Epenetos

Westminster Parking Restrictions

Anthony Lorenz is not only principal of The Lorenz Consultancy, but also the Chairman of the Mayfair and St James's Residents Society.

Westminster were trying to bring in a plan to extend meter parking from 6.30pm until midnight Monday to Saturday and 1pm to 6pm on Sundays.

The Resident's Society and business's, many of whom are also members were up in arms.

In December the fight was won to force Westminster to go to a judicial review. Their justification for bringing in the plan overlooked the fact that they would make an extra £7.2 million a year, saying that it would reduce congestion.

Lorenz says there is no congestion in Mayfair and St James's and that Westminster will cause congestion whereby residents visitors, whether they be children visiting parents or churchgoers or persons visiting restaurants, clubs and bars will be driving round in circles looking for a meter.

Just before Christmas, Westminster announced to plan to make 5 miles of single yellow lines into double yellow lines, arguing that 92% of the conversions were already illegal under the highway code - you are not allowed to park within 10 meters of a corner or at a drop curve, it being dangerous.

One question is why Westminster have not dealt with these 92% issues over the last 5 years? However, they went ahead and did that or at least are doing it. Suddenly an absolute bombshell.

Martin Low of Westminster City Council admits that the lost car parking spaces were assessed by Westminster prior to them embarking on their attempts to charge for car parking, were stated as representing only 1,700 spaces.

He now admits in the Evening Standard that somehow Westminster got this wrong and that there were 5 times the amount of spaces being lost, namely 8,400 spaces. So the whole plan with Westminster was promoted on this misconception and all the recipients of their proposals, the due diligence which they say was part of their process, namely assessing how many people objected, was founded on horrendously wrong information.

Surely Westminster should admit they have done wrong and scrap the plans.

Professional | Anthony Lorenz

2ND FLOOR, 175-176 TOTTENHAM COURT ROAD, LONDON W1

Lazari investments, a long standing client of the firm instructed us to market the 2nd floor at 175/176 Tottenham Court Road comprising some 1,053 sq ft. We successfully secured Next Performance Ltd as the new Tenant, paying a rent of £28.00 per sq ft exclusive for a term of 5 years. This was agreed subject to an initial 7 month rent free period.

Agency Disposal | Anthony Epenetos | Andrew Knights

12 Lancashire Court, London W1

A challenge indeed as there were local transactions and rents as high as £148 per sq ft Zone A and the next door unit was also subject to review. The agents worked in unison so as to avoid compromising each other, and a 10 year term was negotiated, with a beak at the 5^th year at a rent equating to £126.50 per sq ft, Zone A.

Professional | Kathryn Sowter | Kimi Gordon

3RD FLOOR, 48 GEORGE STREET LONDON W1

Loftus Family Property, a longstanding client of the firm, in September 2010 instructed us to dispose of the 3rd and 4th floors. Following the letting of the 4th floor and lengthy legal formalities, we successfully let the entire 3rd floor comprising some 1,855 sq ft plus 1 additional car parking space to Hadcliffe Properties Ltd for a term of 10 years subject to a rent review and Tenant only break option at the 5th anniversary of the term. The rent was agreed at £88,250 per annum exclusive subject to a rent free period.

Agency Disposal | Anthony Epenetos | Andrew Knights

2ND FLOOR, 75-79 KNIGHTSBRIDGE, LONDON SW1

Our retained client Generation Three Family Partners, were being forced to move from 33 Davies Street to accommodate the Landlords plans to redevelop the building. Following months of searching for suitable premises and negotiating on 2-3 properties, we subsequently acquired the 2nd floor at 75-79 Knightsbridge comprising some 2,710 sq ft for a term of 3 years subject to mutual rolling breaks as at February 2014 at a rent of £15.00 per sq ft exclusive with a rent free period.

Agency Acquisition | Andrew Knights | Anthony Epenetos

5 Wootton Street, Waterloo

Small Back Room has renewed through us a comparatively large Waterloo office, spread over ground and mezzanine floors, at 5 Wotton Street.

We negotiated the renewal of market level headline rent with a substantial rent free period, to create an overall rent which was lower than the previous passing rent – from £98,000 per annum to the equivalent of £89,500.

The arches at Wootton Street, owned by Network Rail and a stone’s throw away from Waterloo Station, are quirky yet functional and spread over ground floor and mezzanine.

We were also instructed to act on behalf of No. 7, however after reassessing their property needs the Tenant decided to seek accommodation elsewhere.

Professional | Kathryn Sowter | Kimi Gordon

SELF CONTAINED UPPER FLOORS, 17 ST GEORGE STREET, LONDON W1

Rossano Ferreti Hairspa, a leading high end hair stylist, instructed us to acquire suitable premises with the “London Mayfair feel” for their first UK Hairspa. We eventually found the ideal self-contained space for them at 17 St George Street, a building that was previously occupied by Faberge totalling 3,024 ft NIA. After Faberge surrendered their lease and after securing personal change of use and Listed Buildings Consent for Ferreti we successfully agreed a new lease for a term of 10 years with a Tenant only break option at the 7th year at £60 per sq ft with 6 months’ rent free up front and a further 3 months’ rent free if the option to determine is not exercised.

Agency Acquisition | Anthony Epenetos

TIMBERMILL WAY, CLAPHAM, LONDON SW1

Liberty Wines, one of the premier distributors of wines to the restaurant industry, approached us in 2009 to handle complex negotiations with their Landlords, the Covent Garden Market Authority, in connection with lease renewals and also had a keen eye on relocating somewhere around the Wandsworth area for their own distribution warehouse and office building.

A site, Timbermill Way was identified, being equidistant some 200 metres from either Clapham North tube or Clapham High Street railway station, west of the Safe Store Unit.

After extensive negotiations with the owners, we eventually concluded the acquisition of the site for approximately £1.5 million which, when developed, will comprise over 25,000 square feet of office and warehouse space and will provide Liberty Wines with the room to continue to grow and the facilities to support this growth.

Agency Acquisition | Anthony Lorenz

3RD FLOOR, 175-176 TOTTENHAM COURT ROAD, LONDON W1

Lazari investments, a long standing client of the firm instructed us to market the 3rd floor at 175/176 Tottenham Court Road comprising some 1,072 sq ft. We successfully secured FabriQate UK Ltd as the new Tenant, paying a rent of £26.00 per sq ft exclusive for a term of 5 years with a Tenant only option to determine on the 3rd anniversary of the term. This was agreed subject to an initial 5 month rent free period and a further 3 month rent free period if the Tenant does not exercise their option to determine.

Agency Disposal | Anthony Epenetos | Andrew Knights

1ST FLOOR, 8 HEDDON STREET, LONDON W1

Pippy Houldsworth Gallery instructed The Lorenz Consultancy to source suitable Gallery space in Mayfair and in August 2011 we successfully acquired a sub-lease on the 1st floor at 8 Heddon Street, previously occupied by Gagosian Gallery, for a term expiring in December 2014 at an exclusive rent of £102,000 per annum.

Agency Acquisition | Anthony Epenetos

22 Tower Street, London WC2

For our client Andrew Lloyd Webber's Really Useful Group, we settled the March 2001 rent review on their headquarters offices comprising some 17,000 sq ft at no increase on the existing rent.

Professional | Anthony Lorenz

3rd Floor, Block B, Dukes Court, Dukes Street, Woking, Surrey GU21 5BH

One of the leading global door opening solutions/security companies, ASSA ABLOY EMEA, instructed us to relocate the European Head Office based in Croydon. After extensive tours of available properties in multiple locations on the fringe of London, we successfully acquired the 3rd floor, Dukes Court in Woking comprising some 5,084 sq ft for a term of 10 years at a rent of £17.50 per sq ft subject to a Tenant only option to determine and rent review at the 5th anniversary of the term. A total of 27 months’ rent free period was agreed.

Agency Acquisition | Andrew Knights

3rd Floor, 52-54 Southwark Street, London SE1

In April 2010 IPE International Publishers Ltd instructed us to negotiate the acquisition of the 3rd floor at 52-54 Southwark Street comprising some 3,120 sq ft. After extensive negotiations we successfully acquired the space for a term of 10 years at a rent of £29.50 per sq ft subject to a Tenant only option to determine and upward only rent review at the 6th anniversary of the term. A total of 18 months’ rent free was agreed.

Agency Acquisition | Andrew Knights

AVAILABLE SELF CONTAINED OFFICE BUILDING:- 7 GROSVENOR GARDENS, LONDON SW1

The Lorenz Consultancy are delighted to have been jointly instructed alongside Colliers International on behalf of the Landlord to let this fabulous self-contained period building located on the east side of Grosvenor Gardens between the junctions with Beeston Place and Buckingham Palace Road, only within a few minutes from Victoria Mainline and Underground Stations.

The accommodation has been comprehensively refurbished throughout and comprises some 6,204 sq ft of net internal office space. The building benefits from original period features and high ceilings throughout creating an impressive sense of character. The building is fully cabled and there is capped off services provided on each floor thereby offering flexibility for an incoming occupier. The floor areas are as follows:

4th Floor - 881 sq ft
3rd Floor - 922 sq ft
2nd Floor - 859 sq ft
1st Floor - 1,089 sq ft
Ground - 1,062 sq ft
Lower Ground - 1,144 sq ft
Vaults - 247 sq ft
Total - 6,204 sq ft

Amenities include:

* Fully self-contained
* Excellent natural light
* 4-6 Person passenger lift
* 247 Hour access
* Perimeter trunking – Cat5e cabling throughout
* Air conditioning and central heating
* Period features
* WC, shower and kitchen facilities
* Open plan areas
* Individual office/meeting rooms
* Good floor to ceiling height throughout
* Outside space
* Garage (capacity for 1 car and bicycle racks)
* Good storage capacity
* Capped off services to each floor

The building is only available as a whole direct from the Landlord for a term by arrangement.

Rent: £40.00 per sq ft exclusive

For further information or to arrange an inspection please contact either Andrew Knights (020 7647 4043) or Anthony Epenetos (020 7647 4042).

Agency Disposal | Andrew Knights | Anthony Epenetos

Alexia Goethe Gallery – 5-7 Dover Street, W1

Alexia Goethe Gallery first approached us to find a gallery/office space in Mayfair for a new joint venture and subsequently instructed us to market their lease at 5-7 Dover Street, comprising 3,294 sq ft over the ground and first floors held Inside the Landlord and Tenant Act. The current passing rent was £75,000 per annum and there was an outstanding rent review as of January 2010. Within one week we received multiple premium offers in excess of £100,000 for the benefit of the assignment and within 10 days we exchanged on the assignment of their lease for a substantial premium.


Agency Disposal / Acquisition | Anthony Epenetos

Chiswick Park

MAJOR CHISWICK PARK LEASE REGEARS

Established client Technicolor held leases on some 85,000 sq ft at Building 12, Chiswick Park and some 41,000 sq ft at Building 1.

The lease on Building 1 expired September 2015 and we not only took an assignment of GB Gas’ lease in order to get our client inside the Landlord & Tenant Act, but also extended the Lease with the Landlords until December 2020 which, linked with a small rental increase on the larger Building 1, provided a substantial rent free period payable by the Landlord to our clients for their cooperation.

Professional | Anthoyn Lorenz

The Moving Picture Company Expansion – 1st Floor, Hammer House, 113-117 Wardour Street, London W1

Following the acquisition for the 4th floor offices for expansion, The Moving Picture Company Ltd, instructed us to acquire a further 1,845 sq ft on the 1st floor of the building.

A lease until October 2020 was agreed at a rent of £40.00 per sq ft subject to a Tenant only option to determine in May 2016 with a total of 12 months rent free period.

Agency Acquisition | Anthony Epenetos

PRIME SOHO OFFICES AVAILABLE: Manor House, 21 Soho Square, London W1

On behalf of See Tickets we are instructed to dispose of surplus space within this superb prestigious period building, located in prime Soho.

The accomodation comprises:

4th Floor - 3,301 sq ft

2nd Floor - 3,856 sq ft

Total - 7,157 sq ft

The floors are available either together or separately and have been comprehensively refurbished throughout.

Location - Manor house is situated on the East side of Soho Square at the junction with Sutton Road which is within walking distance to Tottenham Court Road underground station.

Amenities include:

. Full air conditioning
. 2 automatic passenger lifts
. Raised floors
. Suspended ceiling
. Double glazed
. 9 car parking spaces available
. Magnificent views over Soho Square
. Excellent natural light throughout
. High ceilings

Lease - Sublease/s available until 24 February 2017 or longer by arrangement.

Rent:

4th Floor - £35.00 per sq ft exclusive

2nd Floor - £40.00 per sq ft exclusive

For further information please call Andrew Knights on 020 7647 4043 or Anthony Epenetos on 020 7647 4042

Agency Disposal | Andrew Knights | Anthony Epenetos

Gallery just off Mount Street, 13 Carlos Place, London W1 settles review!

We acted for Hamilton Gallery, one of the worlds leading art specialists in the sale of black and white photography, for many, many years.
They had a rent review looming up in September 2011 and with Mount Street rents going from strength to strength, we thought it a good idea to try and agree the rent review early.
A 5 year old rent was increased from £185,000 per annum to just under £250,000 per annum to the satisfaction of both Landlord and Tenant, the Landlord being a private family trust.

Professional | Anthony Lorenz

HFC Bank, 1700/1740 BIRMINGHAM BUSINESS PARK, SOLIHULL PARKWAY, SOLIHULL, WEST MIDLANDS B37

Acting for HFC Bank portfolio, The Lorenz Consultancy and joint Agent, LONIC, were instructed to dispose of two office buildings 1700 & 1740 Birmingham Business Park comprising 21,227 sq ft.
The leases expire in March 2013 at a combined rent of £337,731 per annum. We agreed a surrender with the Landlord at a saving of 30% of total estimated lease end outgoings

Agency | Anthony Lorenz | Andrew Knights