Agency
Lloyds Chambers, Portsoken Street, London E1 - Financial Services Compensation Scheme (FSCS)
Kinney Green was instructed by FSCS to investigate options to accommodate an additional 100 staff they were due to recruit. After taking a brief from the client to establish their objectives and priorities, three options were considered:
1) Complete relocation
2) Acquisition of additional accommodation within their existing building.
3) Acquisition of overflow accommodation outside their existing building but as close as possible.
After researching the market and approaching all tenants in their existing building, Kinney Green was able to identify the potential availability of a further 12,000 sq ft in Lloyds Chambers. Having reported to the client with our recommendations instructions were given to secure the property on the most beneficial terms. As a result, a tripartite agreement was entered into whereby the incumbent tenant surrendered their existing lease with the landlords simultaneously granting FSCS a new lease.
The outcome enabled our client to satisfy its occupational requirements within its existing building which avoided substantial relocation costs and the associated disruption to their business. Furthermore, we successfully negotiated a rent free period and secured a break option in the new lease that would enable the client to determine this lease at the same time as its existing lease, as required.
For further information please contact:
Kim White BSc MRICS
Partner
City Agency Department
DDI:020 7643 1506
Email: k.white@kinneygreen.com