TELSTRA
CLIENT BRIEFOur client, Telstra the Australian Telco was facing a double-threat on its London Head Office; a hike in rent from £35psf to £65psf; and worse, the loss of its…
CLIENT BRIEFOur client, Telstra (the Australian Telco) was facing a double-threat on its London Head Office; a hike in rent from £35psf to £65psf; and worse, the loss of its space at the end of their lease in 5 years’ time. Scary stuff—even for one of the world’s leading telecommunications firms!
OUR PROFESSIONAL APPROACHFacing the fear (having just lost the Ashes!), and realising they needed professional assistance in dealing with the matter, Telstra instructed ask-re to handle the situation on their behalf. From there we engaged the Landlord to cut back the rent expectations and use the opening to try for a new lease.
The client got cash benefits into their bank accounts, instead of paying out the hike. We also negotiated ongoing benefits of longer-term cash savings of £2.7m as well as the security of an undisturbed occupation for 10 years in refurbished offices – and all paid for from the deal! How great is that?!
THE SUCCESS STORYThe threat of a rise in property costs combined with the potential loss of their office was completely turned around by ask-re and instead Telstra received a big, fat cheque from the Landlord, a 10 year run of rent savings in a beautifully refurbished workspace – with long-term security which avoids painful dilapidation costs and a stressful relocation.
Every issue has been addressed and resolved beneficially for the client in one comprehensive hit!
Would any other agency have managed this feat? Would they have had the creativity to envision this brilliant resolution? Would they have been so assiduous in getting the deal agreed while facing so many difficult hurdles? Would anyone else have actually managed to get the deal over the line, against all the odds, the way that ask-re have?
THE VERDICTWe are proud to say that on this occasion, it was the Landlord who took the hit!
It is an incredible, counter-intuitive outcome from a specialist, bespoke agency that no-one has ever heard of!
Just another routine day at the office for Ask-re, the best (and smallest!) tenant-rep real estate advisory and negotiation team in London!