BUONGIORNO!
CLIENT BRIEFIn late 2013 our client, Buongiorno, dramatically downsized their office space but found that their current premises were still too large for their needs not an uncommon issue!. Facing…
CLIENT BRIEFIn late 2013 our client, Buongiorno, dramatically downsized their office space but found that their current premises were still too large for their needs (not an uncommon issue!). Facing a huge dilapidations liability in excess of £550k for an expiring 20 year lease and needing to relocate to suitably sized-premises as well as fitting-out the new offices, all while expecting a huge inflation in rent due to the rise in the market, ask-re were instructed to help find the solution.
OUR PROFESSIONAL APPROACHThe combined and long standing experience of the ask-re team meant that we saw a golden opportunity to help multiple parties in one go; the 2 separate tenants and the Landlord!
Against a very tight time-frame ask-re negotiated a tri-party deal which saw the sub-tenant of 1 floor, William Hill, become tenant of the entire building, all four floors, with Buongiorno back-leasing a fraction of the space, meeting their requirement and leaving no surplus space.
THE SUCCESS STORYThis complex and outstanding deal saw us cut Buongiorno’ s rent in half and reduce their potential dilapidations liability from over £500,000 to ZERO!
B!’s refurbishment of the now-shared building was reduced from £550k to £100k , which has the knock-on effect of increasing the Landlord’s asset value.
William Hill acquired a Head Office in Shoreditch which is ideal for them to further their online business, at 10% below market.
B! now has the perfect sized space without having to relocate, at 10% below market and all the capital costs and issues dissolved - as near perfect as possible and carried out with considerable con brio! Forza Ask-re… and meantime we also saved a handy amount on reducing their business rates liability!