Location
Victoria
Size
32,000 sq ft
Transaction Type
Assignment and sublease back.
How Did Rebase Add Value?
7a Howick Place, a former Royal Mail sorting office and art gallery, was identified. The award-winning building is unique and compliments a new way of working for SB, offering open plan desking and multiple meeting rooms/breakout areas.
Commercially, Rebase negotiated zero deposit, a reverse premium equivalent to 9 months rent free, a passing rent below market, capped dilapidations, inside the Act lease, and a sublease back to the subtenant in occupation.
Result/Outcome
Sweaty Betty acquired a creative building on attractive commercial terms, saving the client c. £2.5 million. They now operate from a single location and practice a new, collaborative way of working.
We retained Rebase to acquire an assignment of 7a Howick Place which included a subtenancy and sub-lease back to the current tenant. The process ended up being more technical than we expected and Rebase proactively found a way through each challenge we faced. Their business is made up of professional people providing a service you would expect from a multi-disciplined global firm
We look forward to working with them again and have no hesitation in recommending them to other companies looking for a premium level service.
