Resolving Property Headaches For A Global Creative Experience Agency

Shelton Fleming
3,800 sq ft – Shand House, 14-20 Shand Street, SE1

We were instructed by a Global Agency ahead of their lease expiry in London Bridge.
The client had invested in their office space and liked the location, so their preference was to renew
their lease. However, their Landlord was a local Council and the client was dealing with a number of
painful building issues due to mismanagement, including a malfunctioning passenger lift and regular
leaks in multiple areas of their office floor.

Hallett implemented an effective renewal strategy with the aim of not only agreeing a competitive
lease renewal package, but also to resolve all ongoing building issues. Key to this strategy was implementing office searches, conducting viewings and entering into negotiations for alternative shortlisted properties. This made sure that the Landlord was brought to the negotiating table and was finally prepared to address the outstanding building issues.

Hallett negotiated a competitive lease renewal package, and, by commissioning Building and
Mechanical & Electrical surveys, was also able to highlight the specific cause of each building issue
and get the Landlord to agree to a schedule of remedial works within a set agreed timeframe.  

  
Cost Benefit 
Hallett negotiated a lease renewal package that included:

Total savings, by way of rent reduction and rent free period, that equated in value to over c.
£230,000.

A discount from the Landlord’s initial proposed rent.

A flexible lease term that included a 2 year tenant only break option.

An 11 month rent free period over the 5 year term.

An agreed set of remedial works for the Landlord to carry out with a set timeframe.