Carter Jonas
Carter Jonas

Commercial delivers Nursing and Midwifery Council

The Commercial team has recently been appointed as Strategic Advisor by the Nursing and Midwifery Council (NMC) to advise on its portfolio in Central London and Edinburgh. This follows recent appointments by the NMC to act on their behalf on acquiring new office space in Stratford, settle and outstanding rent review in Holborn and value their long leasehold interest at their headquarters in Portland Place. The new instruction will see the Commercial team review NMC’s 115,000 sq ft Central London office portfolio to ensure it meets the Council’s operational requirements over the longer term.

The NMC occupies c120,000 sq ft in London and Edinburgh. This is split over five different properties which are held on a leasehold or long leasehold basis. As its role as Regulator has changed, the NMC has had to expand its portfolio to accommodate the number of Fitness to Practice hearings that it holds. We have been working with NMC since the Autumn of 2013 when we were successful in winning our first instruction. Since then, we have undertaken a number of commissions, more detail on which is provided below:

  • Rent Review – 61 Aldwych: The CJ team highlighted a forthcoming rent review in the NMC’s London leasehold portfolio to their Corporate Services team. This prompted NMC to run a competition via the Crown Commissioning Service (CCS) framework, which we were successful in winning. 61 Aldwych represents the NMC’s largest single leasehold occupation, with an annual rental of c£1,000,000 and 18,500 sq ft of grade-A space in Holborn. We were able to agree the best possible outcome for the NMC, settling the review at nil increase.
  • Acquisition – 2 Stratford Place: We became aware that NMC’s space at 20 Old Bailey was subject to a lease expiry, outside the 1954 Landlord & Tenant act, and that the

    Landlord intended to refurbish the building. Given that NMC’s fit-out requirements are complex, we provided a project programme to ensure there could relocate with minimal disruption. Having considered a range of different options, we acquired 23,000 sq ft at Westfield’s 2 Stratford Place in East London. This appointment was secured via direct award under the CCS framework without competition reflecting the limited timescale.

  • Valuation – 23 Portland Place: This property has acted at NMC’s headquarters and housing most of its central administrative functions. It is a period building north of Oxford Street and is on a long leasehold. We were appointed under the CCS framework to value NMC’s interest for accounts purposes which was undertaken by our London Commercial Asset Management team.

  • Strategic Advice – Portfolio Wide: The latest appointment was also won via the CCS framework in competition with other advisors. Our role will see us working with a sub-consultant to analyse how the NMC’s property portfolio remains fit for purpose to deliver front line services over a 5, 10 and 15 year timescale. This will include the Edinburgh property with input from our CCS sub-consultant for Scotland, Graham & Sibbald.

Our work to date has demonstrated the added value of the CJ approach. This has included bringing the rent review at 61 Aldwych to their attention and then achieving an excellent settlement through negotiation, saving the NMC a significant increase in revenue costs. The acquisition of their space at 2 Stratford Place was completed within a very tight timescale, allowing NMC to complete the move without affecting their Fitness to Practice hearing programme.

Iain Mulvey

Iain Mulvey

Business Development Director

Iain is Business Development Director of Carter Jonas. His role is to work across the Commercial, Planning & Development, Residential and Rural divisions to target new opportunities across a b...

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