Carter Jonas were approached by the tenants of Riverside South in order to help advise them on an exit strategy for the building. Carter Jonas were able to negotiate with their Landlord to market the property on behalf of the Tenants to find a new occupier for the building by way of a new lease.
The Tenants were looking to change from having a physical office in favour of implementing a remote working strategy across the company. However, they had just signed up to a new 5-year lease on the property within the past 12 months and had no break options within the lease. The Tenant asked Carter Jonas for advice in this respect and to assist with an exit strategy.
The best option for the client was to try and find a new tenant for the landlord on a new lease. The other options were to either sub-let or assign the existing lease. As there was a rising market, we were able to negotiate with the Landlord to market the property by way of a new lease, with the landlord benefiting from a better rent.
Carter Jonas specifically targeted several office occupiers who were known to us and carried out several viewings of the property with a number of different parties.
Following a short marketing period, we had identified a party and terms to take to the Landlord to obtain consent for a surrender of our clients lease and the grant of a new lease to the applicant.
Our client was paying a rent equivalent to £18.11 psf. Following our advice, we were able to help our client walk away from their obligations under this lease by finding a new tenant to replace them. We had to work closely with all the stakeholders to ensure we were able to satisfy the requirements from all parties involved and managed to achieve a new rent on the property of £20.83 psf; an uplift of 15% from 13 months previous, resulting in a happy landlord and a happy client who can now focus on continuing to grow their business remotely.