Comic Relief instructed us to dispose of their offices in New Oxford Street. This was achieved by surrendering their existing lease, as part of which we negotiated that their landlord pay them £25,000 + VAT.
We were also briefed to acquire new offices of circa 10,000 sq ft, with a strong preference for Soho or Covent Garden, where rents were around £35 psf, equating to an annual rent of £350,000. We advised that there was a reputational risk of such a high rent being paid by a charity and suggested considering other areas.
Subsequently, 11,529 sq ft was acquired on Albert Embankment at £12.50 psf, with the landlord contributing £100,000 towards refurbishment.
The savings achieved over the 5 year lease totalled £1.17M; our fee was £23,473 + VAT.