2 March 2020
Professional services, Rent reviews & Lease renewals
Acting on behalf of occupiers JLT and Zest, SHW advised on the feasibility of relocating or remaining in their existing space at Leatherhead House in Surrey.
Several alternative sites in Leatherhead were considered at the same time as negotiations over the tenants’ existing leases of 14,000 sq ft (JLT) and 6,000 sq ft (Zest). Both companies agreed to stay at Leatherhead House with JLT achieving a substantial space reduction on flexible terms and Zest obtaining improved security of tenure and a direct lease with the landlord.
Zest were a sub-tenant of JLT and SHW needed to:
What were the main drivers for staying?
Were there any issues along the way?
The main issue was timing as Zest’s sublease expired a month before the head lease and they did not have an automatic right to renewal.
This highlights how important it is for occupiers with unprotected leases to initiate dialogue with landlords early enough to allow time to agree new terms or move if this is not possible.
What are the plans for the surplus space?
We believe that the space released will be used as temporary accommodation for another tenant on the estate while their space is refurbished.
SHW Business Space Partner Mark Skelton said: “This was a good result for all parties as JLT and Zest achieved competitive, flexible terms and avoided the cost and disruption of moving, while the landlord retained two high-calibre tenants.”
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