Track record

Reducing property costs at a Head Office, Bristol

Corporate Occupier

Negotiated a release from part of existing leasehold commitments

Strategic Asset Management

Investment

Lease Advisory

Service

Retail & Leisure

Industrial & Logistics

Industry

Adam de Acetis

The project

The client wanted to reduce their head office accommodation in the Bristol area during the height of COVID, having originally entered circa. 10 year lease commitments in 2018. They sought strategic advice from Rapleys on how to negotiate release from part of existing leasehold commitments.

The client held 3 separate leases covering 3 separate floors, totalling circa 50,000 sq ft.

Our solution

To negotiate a surrender of part and agree concessions on remainder, thereby reducing property overheads and strengthening cashflow
Rapleys entered into negotiations with the landlord and agreed;
- An early surrender of the one floor of 17,000 sq ft,
- Generated a total saving of 35% in terms of rent, service charge and insurance commitments
- Generated an annual reduction in occupational costs in excess of £0.5m in rent, service charge, business rates and insurance
- Full release from any maintenance, Health & Safety and statutory liability in relation to the vacated floor
- A rent concession for the remaining 2 floors to pay the rent monthly as opposed to quarterly
- The legals for both elements were completed within 1 month of instructing lawyers.