Client: Hestview/JLL

Sector: TMT

Project size/value: 27,456 sq ft

Services provided: Office Agency/Leasing

Task

Hestview occupied the whole of 4 Wellington Place under a lease expiring in December 2030. As a result of a change in working practices, accelerated by the Covid Pandemic, our client wished to dispose of surplus office accommodation.

Sanderson Weatherall were appointed jointly with JLL to market the surplus space and reduce Hestview’s property costs in this location.

Solution

We worked collaboratively with our client and joint agent to prepare marketing collateral and a marketing strategy including a targeted mailing campaign. As a result we successfully agreed an underletting of the entire 4^th and part 2^nd floors to Irwin Mitchell LLP for an unbroken term aligned with our clients lease expiry.

As a result of the successful underletting, our client stood to make property cost savings in excess of £9m.

A complicating factor in this case was the requirement for underletting’s to be at “market rent” as opposed to the passing rent. Therefore, the deal required agreeing the rent with both the Superior Landlord and Under Tenant.

Acting agent – Richard Dunn