Client: boxxe

Sector: TMT

Project size/value: 9,456 sq ft

Services provided: Office Agency Leasing

Task

Boxxe occupied the 2^nd and 3^rd floors of Artemis House, via a lease per floor which were linked by an internal staircase installed by our client. York was their HQ.

Boxxe held a lease over the 2^nd floor and 16 cps expiring on 31 December 2029 and subject to a Tenant only break on 31 December 2024.

As a result of a change in working practices, accelerated by the pandemic, our client wished to dispose of the 2^nd floor which was surplus to requirements and reduce their property outgoings.

Sanderson Weatherall were appointed as joint leasing agents alongside Bowcliffe.

Solution

We worked up a marketing strategy and collateral with our joint agent and placed both floors on the market to cover as many enquiries as possible.

We agreed a surrender of our client’s 2^nd floor lease, reinstatement of the internal staircase and a new letting direct from the Landlord to Anaplan. As a result of the surrender and new letting, boxxe made significant savings in their property outgoings.

The letting was complicated due to the relatively short term to boxxe’s break which made a sub-letting extremely difficult. The surrender and new lease approach both maximised the property cost savings delivered to boxxe and divested them of their interest in the property bringing certainty.

The transaction involved agreeing the terms of a surrender and new lease with the Landlord, the reinstatement of the linking staircase and agreeing the terms of the new letting with the in-going occupier.

Acting agents – Richard Dunn and Jay Dhesi