Case Study - Site Finding Acquisition
Ref.: JH/03/7’07 Jean Howe – Partner Kirkby & Diamond
The client, a fast growing recruitment consultancy, sought to move from multiple serviced offices in a multi let building to their own “head office” with specific requirements in respect of; travel distance from railway stations with easy access to London; a certain size and a specific quality.
An initial search of what was currently available in the market was undertaken. Properties not on the market that were specifically appropriate were also identified, letters were distributed to ascertain whether there were any tenants seeking potential assignments of their leases.
Ten prospective properties met the requirements of the clients. These were viewed jointly with the representative of the clients, as requirements sometimes vary based upon the viewing of a particular property.
Negotiations were commenced to agree terms of the lease on the preferred property. This initial acquisition was not successful. Subsequently, further properties came to the market, one of which was particularly suitable to the client’s needs.
After a period of negotiation with the outgoing tenants, their Surveyors and the freeholders, a new lease was negotiated in detail and subsequently a Schedule of Condition was prepared to protect the client’s interests.
Kirkby & Diamond undertook a thorough search exercise, clarified the terms that would have to be offered in order to secure the property, negotiated terms, successfully completed the lease and a “License to Alter”, to allow the tenant to install air conditioning.
The tenants are in occupation of their own office premises in a good location which are suitable to their growing needs.