Location
City Fringe
Size
30,000 sq ft
Transaction Type
Leasehold disposal and licence acquisition
How Did Rebase Add Value?
Within a 1 week we had identified and engaged 2 suitable parties. One party was interested in the space, with viewings conducted and negotiations entered. The interested party wanted a lease longer than the remainder of Wilmington’s. We used this as leverage to negotiate a surrender of Wilmington’s lease in order to facilitate the new letting.
Surrendering is the ideal way to exit an existing lease with all ongoing liability removed. We negotiated the surrender premium with the landlord, co-ordinating advice from a specialist dilapidations surveyor. We relocated them to a new location.
Result/Outcome
Wilmington saved £5.3m over their existing lease liability.
We retained a large corporate advisor to dispose of our leasehold premises. The space was on the market for over two and a half years. Rebase came along and pitched a solution to our business which after a professionally applied process saved our business £5.3 million.
Rebase are a dynamic team of experts and they were relentless in their pursuit to find our business a solution. We would highly recommend using their services.
