Commercial Blog June 2018 - Colliers International | London

BLOG

Archive

  1. June 2018

  2. Mic on Mondays | Dominic Wright

    25 June 2018
    Riverside Capital is a property investment company founded by Dominic Wright and Sasha Stupar in August 2010. Dominic, Group Chief Executive, tell us about the company and their recent decision to invest in the city.

    Tell us about Riverside Capital?

    We are a property investment company that offers high network investors from around the world a platform to invest in commercial property deals in the UK. We work by finding a specific building or portfolio that we like, we go out to the investors and we say; this is the specific opportunity, this is why we like it, this is how much money we think we can make, do you want to invest with us? Therefore, investors get the chance to choose which deals they come in to and how much they come in for.

    How have you worked with Colliers to invest in the City of London?

    We have a long standing relationship with Colliers and their City and West End offices. We have worked on a number of transactions with them over the years. Most recently we acquired a building in Shoreditch last year where Colliers conducted the lettings. And on our latest deal Sherborne house Colliers were acting for the seller where we were the buyer.

    What particularly drew you to the Sherborne house deal?

    Sherborne house for us is exactly what we are looking for in commercial investment opportunity, it has a prime location, it is a fantastic building. Really for us it gives us a chance to demonstrate our asset management capabilities to drive returns for investors.

    Where do you see the city market going over the next couple of years?

    I think the city market over the next couple of years is going to be in a relatively benign environment so we are expecting to see relatively low levels of rental growth. What that means is it’s all about picking the right micro locations for investing and the right buildings. As well as things like infrastructure projects such as the redevelopment of Bank station and new landmark developments like Bloomberg are going to make a difference to micro locations such as Cannon Street.

  3. Here to stay

    21 June 2018
    As we move into the holiday season and hotels get busier and busier, it’s interesting to look at how Airbnb continues to influence the visitor accommodation market in London.

    Whilst there is great public awareness of the service, it still represents a small - but growing - part of the London market. Its share rose from 5% to 6.9% last year - a modest percentage but one that represents around 6.7m overnight stays.

    As the scale of Airbnb grows, the lack of regulation becomes a greater concern to many. The parallels with that other iconic 21st century tech solution, Uber, are clear. Last year, TfL cancelled Uber’s London license and it is now nervously awaiting the result of its appeal which is due on 25 June.

    There’s no suggestion that Airbnb faces anything as draconian but other cities around the world have introduced legislation to govern the service. In Berlin, since May 2016 hosts have been prohibited from offering an entire home on the platform. London already has a rule that only lets hosts let out their home for a maximum of 90 nights a year – but there is some concern about how this can be monitored – and this does not address concerns over personal security and fraud. Madrid and Paris have recently announced that legislation will be introduced.

    Hoteliers, meanwhile, are crying “foul” as they see themselves competing on an uneven playing field.  Hoteliers have to charge VAT, they have business rates, they have rigorous fire, life safety standards to meet and they pay all of their staff through the books.  There is a belief that Airbnb suppliers pay none or very few of these charges.  There is a strengthening lobby against the concept with Japan completely closing down their listings and a number of high profile law suits about to be heard in New York against a concept that they see as predicated upon avoidance of regulation and taxes.

    Back in the marketplace, it’s interesting to see that we’re witnessing relatively little negative impact on the hotel sector with the capital’s hotels achieving similar results to last year. The effect is felt mostly in the leisure market with the more lucrative business traveller still preferring the convenience of hotels.  However, if Airbnb does crack the business market (and they are trying too) the effect on hotels is sure to be greater and the clamour for improved regulation will rise.

    Despite the increased presence of Airbnb, we’re still seeing strong business cases for proposed London hotels. This year will see a new wave of hotels in the capital ranging from the budget to the most luxurious so it seems that the two accommodation alternatives are happily co-existing at present.

    Author:

    Marc Finney | Head of Hotels & Resorts Consulting
    Marc.Finney@colliers.com
    Office: +44 20 7344 6601
    Mobile: +44 7825 602797

  4. Mic on Mondays | Adam Blaskey

    18 June 2018
    Adam Blaskey is the founder and CEO of The Clubhouse, London’s leading business club, business lounge and meeting space. Adam tells us how Clubhouse came to be and what makes their idea work so well.

    Can you explain how you got the idea behind Clubhouse? 

    We launched The Clubhouse in 2012 and that was born purely out of my need of this kind of space. My background is not in this sector at all, it’s actually residential property and before that I used to be in the city. I developed residential property for the best part of 15 years, and I found myself increasingly meeting my clients in hotel lobbies and coffee shops around Mayfair. I didn’t need an office in town, so I didn’t need a co-working space or a serviced office, but I needed somewhere that was smart and impressive to meet my clients which wasn’t a coffee shop, hotel lobby or typical members club. So the need was my own and today The Clubhouse fills that gap very neatly and is defined between a coffee shop and hotel lobby on the one hand and the serviced office and co-working space on the other. 

    What are your long term growth plans for the business?

    In my residential property days, I always saw London as this kind of group of urban villages, all very distinct personalities. So whether you live in Notting Hill or Shoreditch or Wandsworth, they are all very different areas. I think over the last few years, where people work has started to follow that path. So we want to build up a network of clubhouses across London in all the key areas where people work so our key members have got somewhere to drop into. So we started off in Mayfair, we have a clubhouse in St James, here in Bank and we are opening in Holborn next month. So that will be 4 Clubhouses but I think we could probably get up to 8 or 10 in the key work locations. Particularly as there has been some major infrastructure improvements in areas like Victoria and Kings Cross, so I would hope we will see a Clubhouse there very soon.

    How do you establish the right office when opening a new Clubhouse location?

    When we opened it was really based on my needs and six years on we have learned from our members. We have about 1000 members, from about 400 different companies and everything we do here is designed around the needs of our members. In fact, we have one aim which is simply; to make our members and their businesses more successful. One way that we are very different to how most co-working spaces operate is the level of service that with give. We are very hospitality driven and we get to know what the needs of our members are, either through just chatting to them or surveys that we do. So each Clubhouse is now designed around the needs of those members. Typically, we need about 10-12.5 thousand sq ft to make our model work and within that space we can really provide everything a member needs. What I mean by that, is providing a smarter, more flexible, more agile alternative to them having an office for themselves.  

    What was it about 20 St Andrew Street which drew your attention? 

    The next and 4th Clubhouse will open at 20 St Andrews Street and that will open at the end of June and again it’s really driven by the needs of our members. Our members are meeting clients all over London, they might be in Mayfair in the morning, they might be over in the City in the afternoon. So having somewhere in Holborn really has great advantage by putting somewhere in the middle. We then have a nice spread across central London from Mayfair and St James’s in the West, through to Holborn to the City. Transport connections are very key for us, because most people will look to meet someone where it is easy to get to. When Crossrail opens very soon you will be able to get to The Clubhouse in Mayfair just off Bond Street to Farringdon in no time at all and then through to Moorgate which is only a stones through from the Clubhouse at Bank. So you will be able to get from all extremes in about 10 minutes, which will be fantastic for our members.

    Can you give us a sneak insight into how Clubhouse will look in 20 St Andrews St once work is completed?

    At 20 St Andrews Street we will keep evolving what we are doing here, so everything we do is based around the needs of our members like I said, and we like to raise the bar each time in terms of design. At The Clubhouse bank we worked with Fletcher Priest, who did the external architecture of the building but also did the interior for us as well. We are also working with them on the interior of 20 St Andrews Street. It is a fraction smaller, it is 10 thousand sq ft over the top 2 floors, we have an amazing roof terrace at the top and we will be offering everything that we do in our other Clubhouses. That includes a large presentation room that can seat about 60 people and we have names that after two very prominent names in the area; Haywood, who designed Holborn Circus and Wren, who was responsible for re-building St Andrews Church. This follows a theme that we’ve got at various Clubhouses that we have. So for example the equivalent room over in the City is named after Soane and Baker, two architects that worked on the bank of England. We like to bring a bit of local history into our spaces. We will have a great room that can seat up to 60 people, presentation and theatre style. We will also have a deli offering a great selection of snacks, sandwiches and salads, which keeps our members fuelled when they are busy at work. As well as a range of meeting rooms, hot desks, lounges and really everything our members need while they are doing business in town.

    Which location do you spend most of your time at?

    It’s tricky because I love all of them, they are like my babies in a way, but I have tried to spend a fairly equal amount of time across all of them. Our main offices at the moment is in St James’ but I’m in the city a couple of days a week and I will certainly be spending some time at St Andrews Street.

    Since opening in 2012 how has the London Office market changed in your eyes?

    I think it has changed massively, as I have said The Clubhouse was born out of a need, it wasn’t something I researched and I didn’t predict the future of the office market. When we opened it was about the same time as WeWork opened their first building, we all know how they have gone on and now become the largest occupier in London. Really this is testament to how quickly businesses are now growing. When I had the idea back in 2008 and the light bulb moment took place a couple of things happened, the financial crisis set in and that was the biggest thing that gave all these aspiring entrepreneurs and especially lots of people that worked for larger corporate firms, the motivation to go out and set up their own business. So there are lots of frustrated business people and entrepreneurs out there who want to do their own thing but particularly when you are reaching your mid 30s/40s and if you have a family and a mortgage, it’s quite a big jump to go and set up your own business. So back in 2008/2009, the opportunity cost of that completely shifted and you had a lot of people that thought ‘right I’m not going to get paid how I have been paid before, I have got this great contact book, let me go and set up my own business. Also at the same time it was the birth of cloud computing, the iPad is only 10 years old, so suddenly you had the technology that supported the way in which people were thinking of working. So you had the demand, you had the technology but what wasn’t really there was a flexible alternative to an office that people setting up a business could use or people that had business outside of town and just wanted a remote base to attract the best people, to recruit or retain the best talent they could in London. I think that’s where The Clubhouse really fits in. Now because that technology has allowed people to work in a different way and people have realised and become accustomed to working in a different way, that is why we have seen such a growth in flexible workspace and collaborative workspaces. As well as the concept of meeting space and office space as a service, very much like a software is a service offering. So there has been a fundamental shift over the last few years, which is why flexible workspace is certainly not going to be anything temporary but it is going to be here for the long term. I think that is quite exciting because the choice is there. The number of flexible workspace providers in London is enormous, but yet 6 years on no one is really doing what we do here at The Clubhouse the way we do it. 

    Find out more about The Clubhouse

  5. Mic on Mondays | Tony Knauf

    11 June 2018
    Black Sheep coffee is a speciality coffee shop that ‘leaves the heard behind’. Black sheep was created by a group of friends who loved coffee and wanted to do things differently. In one of their many coffee shops around London, Tony, Head of Coffee at Black Sheep, meets to tells us about where their idea came from and what makes the perfect location for their speciality coffee shops.

    Where did the idea for Black Sheep come from?

    The idea for Black Sheep Coffee came from us sitting around and realising we really like coffee so why not make a coffee shop. When we started investigating and looking into different types of coffee to be selling in our coffee shop, we found something called robusta coffee, and we liked everything we could read about it. It has got twice the caffeine of normal coffee and it’s really strong and chocolaty in flavour, it sounded absolutely perfect. However, when we started to talk to people about this they said we were absolutely crazy to do a robusta coffee, nobody else was doing it; and we liked the sound of that too. We liked the idea of doing something totally unconventional, of leaving the heard behind, about breaking all the trends and we decided to start Black Sheep coffee.

    What do Black Sheep consider when selecting their coffee houses?

    When we are looking for a new site for Black Sheep Coffee we simply want to make it as easy as possible for people to find us and have access to our coffee. We want peoples’ journey to good coffee to be as quick as possible. There are a lot of speciality coffee shops around but they are always tucked away in hard to reach places, so we try to make it more accessible.

    How do you design your Coffee houses?

    The most important thing to consider when designing a coffee shop is the ease of access and flow for the customers. You want the journey to be nice and natural and as you walk in you should have all the options readily available for you so you can quickly make your decision, order your coffee, we quickly produce that coffee for you, grab your coffee, pop on your lid and your sugars and then you can easily make your way back to the office.

    What sets Black Sheep apart from others?

    So the truly unique thing about Black Sheep coffee is the type of coffee we use, we are the only place in the whole of the UK to serve 100% speciality robusta coffee, it’s got twice the caffeine of arabica varieties and it has got a nice strong, chocolaty kick. Apart from that we also have five different milk alternatives, we have 3 different arabica varieties, we have 2 different batch filter coffees, we have an incredible decaf, we do a huge range of teas. Basically anything that you want, we got. We have got a Vietnamese ice cold brew which is a really unique drink, we have got a black hoof coffee which is incredibly good, especially if you are going to the gym as it has got coconut oil for a long slow caffeine release, which is really good and is one of my favourites for sure. We also do cocktails in a few of our sites too, so the truly unique thing about black sheep is the range that we do. No matter what you are in to, no matter what you want, even if it’s not coffee; we have you covered.

    What is the future of Black Sheep?

    The future of Black Sheep Coffee is just to take it one coffee at a time, one store at a time and just stick to what we know and what we love and that is making really good speciality coffee for you. That is all we are going to focus on, we are opening lots of stores all the time and as long as we stick to the basics and continue to break trends and not do the expected things of a café I think we are going to do absolutely incredibly well. We are just going to continue to leave the heard behind and do things our way.


  6. Where do I plug in?

    5 June 2018
    The age of electric car is upon us and the challenge now is where you can plug in to power up.
    Charging at home is fine if you have off-street parking, but this doesn’t reflect most of central London living.

    Some London Boroughs are now putting charging points in lamp posts. This is a great initiative, but what happens when electric vehicles outnumber those with combustion engines? For residential developers of apartments, should there be a requirement that charging points are fitted (or can be readily retro-fitted) to every parking space? 

    The charging issue is a major factor in how much electric vehicles will proliferate. One of the key deterrents to ownership is ‘range anxiety’. The Government has allocated some funding to support local authorities in their efforts to improve the electric charging infrastructure. 

    Currently there are over 5,000 locations in the UK that have a public charging point installed and there are over 9,000 devices at these locations, which have over 15,000 connectors. Although these are impressive statistics, the number of connectors and devices will need to increase significantly to meet the demand from the increasing sales of electric vehicles. 

    Given the density of traffic in London and the available areas that could be made available for charging, there’s clearly a complex problem to solve. 

    In time, battery technology will solve the range and time to charge issues, but an interim solution may be necessary to stimulate to expedite the roll out of charging points. There’s certainly a long way to go.

    Author:

    John Roberts | Head of Automotive and Roadside
    Office: +44 121 265 7553
    Mobile: +44 7795010131
    john.roberts@colliers.com
  7. Almost full: The Loom approaches total occupation with two new lets

    1 June 2018
    Two new lettings have taken The Loom in Whitechapel to 93% let, as one existing tenant trades up, and another moves in, to this remarkable building.
    The Loom is the refurbishment by Helical of one of London’s few remaining Victorian wool warehouses into a destination building of 110,000ft2 on Gower’s Walk, in the heart of Whitechapel’s regeneration quarter.

    The latest new occupant is The Fairtrade Foundation, the UK-based charity supporting small-scale farmers in the developing world to enter the global marketplace. The organisation has taken 6,400ft2 and is relocating from its existing address at Ibex House on nearby Minories, between Tower Bridge and Aldgate.

    Staying at the The Loom, but trading up to 13,600ft2 from its existing 3,600ft2, is the online mortgage broker Hey Habito. Launched in April 2016, the company has grown considerably since moving into The Loom in October of the same year, completing £200 million in mortgage applications and raising £8.2m from investors.

    Looking forward to their occupation, Fiona Kindness, Chief Financial Officer at the Fairtrade Foundation, said “We were looking for space that was good value but equally somewhere that our team would be excited to work in - The Loom absolutely provides that balance.”

    Meanwhile, Garreth Griffith, Chief of Staff at Habito, said of their expansion within the building: “We are delighted to be upsizing once again within The Loom as it offers us the creative space that our growing number of employees want. Helical has provided us with the flexibility in the lease length and area size that we need as an expanding tech business, and we are very happy to call it home.”

    The Loom offers its tenants an extraordinary working environment.  Alongside the building’s original fabric – including an abundance of magnificent exposed brickwork – The Loom boasts a number of material differences that prevent it from being just another warehouse conversion. Part of the extensive refurbishment includes a new central 'street' running through the interior with a rotating display of artworks, making the core of the building, in the words of architect Joe Morris, "a place to stay, rather than a place to pass."

    With a total of 47 office units with floor plates between 1,000ft2 and 9,500ft2, The Loom is now is multi-let to 36 tenants from a range of industries. The latest two lettings mean that just four units remain available, so if you'd like to find out how The Loom could work for your business, please get in touch.

    The Author

    Elliott Stern
    020 7101 2020
    07834 918 700
    Elliott.Stern@colliers.com
  8. May 2018

  9. Introducing Stylus: needle-sharp offices at former gramophone factory

    31 May 2018
    The former home of Margolin Gramophone on Old Street is currently mid refurbishment and set for a launch and completion in September as 27,000ft2 of high-tech office space within a beautiful Victorian exterior.
    Developed by Coastview Estates and designed by Gpad Architects, winners of the 2017 British Council for Offices National Award and recently shortlisted to design the new Old Street roundabout, the building has both a rich heritage and fine modern pedigree.

    Making a lasting first impression at Stylus will be the stunning reception lobby. With a free-flowing style and a bespoke designed concierge desk inspired by the gramophone Heritage, the space will be reminiscent of a modern art gallery. The five storeys of futuristic and almost column-free offices beyond include a duplex ground and courtyard level unit and three single storey spaces above, with floorplates ranging from 3305 to 5543ft2. The building culminates with a fantastic rooftop terrace to unwind, collaborate or simply take in the view.

    Much of the building’s original fabric has been integrated into the sharp contemporary interiors including perforated iron beams that will act as a conduit for the exposed air conditioning ducts to pass through. The specification will also include huge replacement windows in the original factory style; 70mm raised floors with galvanised steel tiles; low energy LED lighting and fibre optic Internet.

    Building facilities include showers and changing rooms with 81 lockers; two x 8 person lifts; CCTV and video entry; 44 cycle storage bays; an eco-friendly bio-diverse roof and renewable energy for electricity generation.

    Nearby Old Street Roundabout is currently in the throes of its own £25m regeneration, from isolated traffic system to inclusive public piazza, with priority switching from cars to pedestrians through improved cycle lanes, walkways, planting and landscaping. The station below with its interchange between National Rail and Underground will also be getting a new entrance.

    Connecting Shoreditch to Clerkenwell, Old Street hardly needs any introduction: not only the home of London’s creative quarter and the location of Tech City, here is where you’ll find some of the most inspiring commercial work space in the capital amid a dizzying array of remarkable places to eat, drink, meet and unwind: Stylus is just moments from the wonderful daily street market at Whitecross Street and the recently opened culinary boulevard at The Bower.

    We’ll report back further as the launch and completions dates approach, but, in them meantime, if you’d like to discover how Stylus could work for your business, please contact:

    The Author

    Ricky Blair
    020 7101 2020
    07961 104 125
    Ricky.Blair@colliers.com
  10. Let’s meet at St Andrew Street: Clubhouse takes the top two floors

    31 May 2018
    At the meeting point of the City Fringe, City Core and Mid-Town, 20 St Andrew Street is a reinvented office building with over 51,000 sq ft of high quality Grade A office accommodation over 9 floors.
    A joint venture development between AXA Investment Managers and Morgan Capital Partners, 20 St Andrew Street welcomes its visitors with a sumptuous modern reception in the style of a smart hotel lounge bar with large comfortable armchairs and a chic geometric décor motif reflected in the overhead lighting, reception desk and curtain wall.

    Colliers rented the top two floors in March to Clubhouse, the high quality meetings
    provider, whose acquisition of the 8th & 9th floor spaces adds a fourth London location to the company’s existing sites in Bank, Mayfair and St James’s as part of an overall plan to build a network of 8 to 10 Clubhouse locations over the next few years.

    The addition of Clubhouse not only offers the current occupants of 20 St Andrew Street extra expansion space for meetings, presentations and events, but also welcomes external professionals from around London. The concept is designed to help start-ups, SMEs and global organisations to grow by providing a level of facilities usually only associated with the corporate world, in a hospitality-focussed setting that’s influenced by residential design and boutique hotels.

    Clubhouse was launched in 2012 by Adam Blaskey. With a 15-year background in high-end residential development, he was regularly in and around Mayfair but found very few suitable options when it came to holding a business meeting.  “I didn’t need a serviced office and I didn’t want to meet in coffee shops or standard members clubs.”

    And so Clubhouse was born out of his own frustrations. “It’s really a meeting solution for people who have their main offices elsewhere. It’s not co-working, and not serviced offices. Clubhouse is smart meeting space for strategy days, conferences, larger presentations or simply overflow meeting rooms.” 

    Proving the point, Clubhouse in St James’s is used by Kleinwort Benson, whose offices are in the same building, and by BP, whose international headquarters is just around the corner. And with landlords seeking to create destination buildings, the Clubhouse concept has even been key in attracting new tenants who require overflow space from time to time but wish to avoid taking on a larger office as part of a long-term commitment; an ideal solution for any company with unpredictable expansion plans. 

    The Clubhouse deal means that 6 of the 9 office floors are now let, with the 3rd floor under offer. That leaves just the 4th and 5th floors available, each around 6,200 sq ft. If you’d like to discuss 20 St Andrew Street, please contact:

    Oliver Hawking (oliver.hawking@colliers.com) on 020 7487 1803 or Alex Kemp
    (alex.kemp@colliers.com) on 020 7487 1713.

    The Author

    Oliver Hawking
    02074871803
    07714145970
    oliver.hawking@colliers.com
  11. Cooper & Southwark – Completed & Let

    31 May 2018
    Practical completion has now been achieved on Cooper and Southwark, the spectacular refurbishment and extension of a landmark building on Southwark Street SE1 to provide 78,000ft2 of contemporary office space. A pre-let was agreed on the entire building.
    Colliers has an ongoing history with the site that has been over 5 years in the making. From acquiring the building (whilst at H2SO) on behalf of Scottish Widows Pension Fund in 2013, through to lease advisory work in order to create an effective block date.  We then sold the building prior to the refurbishment works commencing in 2016 to H B Reavis and were delighted to be re-retained by the new owner. Our involvement has continued through advising on the design development of the scheme, managing the construction process and taking the new office spaces to market.

    Designed by architects TateHindle, the refurbished building includes additional floor space, new terraces on the upper floors and a feature double height self-contained unit accessed from Great Guildford Street. The designed consciously facilitates a sense of community and communication between the offices and floors, and delivers a convivial environment for a mix of occupiers.

    What took everyone by surprise was the level of early enquiries to occupy the entire building, both from the expected quarters of media and design through to more traditional sectors and larger corporates. 

    It’s a real sign of how, when it comes to office space in Central London, nothing is as it was. Corporate culture is necessarily changing its attitude towards its physical working environment, while locations are finding new audiences and forging new reputations.

    With creative and disruptive enterprises being wooed into the city core through new media-style office buildings and co-working spaces, businesses and industries accustomed to the more formal environments of the City and West End are seeking more invigorating places of work.

    However, for all the cutting-edge design, thrusting new architecture and deconstructed workspace that makes up the contemporary office market, much of the commercial side of London’s property industry remains contrastingly formal: long-established institutional names are still, by and large, the mainstay of activity.

    Something, therefore, is clearly afoot when one of the oldest names in commercial property takes up to 78,000ft2 south of the river. CBRE has taken the entire of Cooper & Southwark for its managed services division, creating a new base for a team that is currently spread across multiple offices. 

    Perhaps it’s a deal that sums up the level to which SE1 has evolved. No longer an edgy address with a devaluing postcode, SE1 has matured into a remarkable place, a real Londoners’ favourite for living, working and playing, uniquely framed by the buzz of Borough Market and the cultural heft of the South Bank. 

    The successful leasing of Cooper & Southwark at such an early stage, to a tenant that clearly knows a thing or two about property, is a notable achievement for the entire team who have worked on the building over the last half decade.

  12. Up and away: Jacada Travel relocates and elevates to bigger & better things

    30 May 2018
    The Colliers Tenant Representation team has recently assisted Jacada Travel in its acquisition of new offices in the heart of Old Street, at the recently remodelled Bentima House at 168-172 Old Street EC1V.
    Colliers has a long history with the building, from helping to acquire it on behalf of Bond Street Investments in 2012, to working with Gpad Architects in creating a new workspace destination, and then the marketing agency Everything In Between to reposition the offices in the local marketplace. Colliers secured two high-profile pre-lets before successfully taking the newly remodelled offices to the market in 2014. The acquisition for Jacada Travel means the full gamut of the City Fringe team has now had some involvement with Bentima House.

    Jacada Travel is a boutique travel agency that was founded in 2008 to offer one-of-a-kind, bespoke-designed and authentic travel experiences anywhere in the world.  Previously based in Islington on Liverpool Road, the company had outgrown its old office and was seeking to both improve the quality of the office for its existing staff and to operate from a space that would retain and attract the best talent while also providing scope for future growth plans.

    With travel designers forming the core part of the operations supported by a marketing team, the company sought to acquire an office that would support its naturally fun, creative atmosphere. 

    The firm's new office at Bentima House certainly does that. Running to 4,717ft2, it’s a striking, bright and incredibly positive space, surrounded on three sides by full-height full-width panes of glass with fantastic views across the city skyline.

    Alongside being asked to source the space by scouring the local office marketplace, The Tenant Representation Team’s role involved a variety of assistance, guidance and practical help. This included financial analysis and due diligence on the shortlisted options, negotiation of terms and the introduction and project management of the fit out and IT provisions to ensure a smooth process and timely delivery.

    The Tenant Rep Team negotiated the terms, securing a 5-year lease with a break at the 3rd year and a very generous rent-free period: 8 months at the outset and a further 4.5 after the break clause if not exercised. They also negotiated a reduction in the rent deposit, a service charge cap and a landlord contribution to the tenants fit out.

    Would you like the Tenant Representation team’s assistance in your office search?
     

    The Author

    Olivia Blundell
    +44 20 7344 6570
    +44 7860180320
    Olivia.Blundell@colliers.com
  13. Load more