Creative office acquisition & disposal saves Comic Relief over a million pounds

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.

Advising Comic Relief on their Property Brief

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.

Creative office acquisition & disposal saves Comic Relief over a million pounds 1

Comic Relief’s Headquarters on Albert Embankment, acquired at £12.50 psf with £100,000 landlord’s contribution.

Property acquired on Albert Embankment

Subsequently, 11,529 sq ft was acquired on Albert Embankment, close to Vauxhall Station at £12.50 psf, with the landlord contributing £100,000 towards refurbishment.

Our fee was just 2% of Comic Relief’s savings

The savings achieved over the 5 year lease totalled £1.17M; our fee was £23,473 + VAT.

September 1999