Science and Technology Centre, Guildford, Surrey
Lease restructure
Project management of fit out
Property Project Management Case Study - discoverIE Plc
6,800
sq ft
office building
10
year
lease
Challenge
Vail Williams was appointed by longstanding client, discoverIE Group Plc, the international designer and manufacturer of specialised electronic components for industrial use.
Ten years on from having secured the listed company a lease at Surrey Research Park, we were appointed to advise on the best the strategic approach to ensure the business had headquarter premises that were fit for the future.
The client’s existing lease was approaching expiry. The business remained committed to its existing location. However, the 6,800 sq ft of office space required significant modernisation if it were to meet discoverIE’s future needs.
How we helped
- Worked with the client to understand their future business needs
- Engaged with their landlord to express our client’s desire to remain in the building and to improve the quality of the accommodation
- Negotiated mutually beneficial lease terms, securing a new 10-year lease
- Agreed that the landlord would enhance the space by renewing the windows, heating and cooling system, the fire alarm and refurbishing the WCs
- Brought in our project management team to procure and manage the proposed fit-out works
- Obtained competitive proposals, reviewed them and value engineered the final design to meet the client’s needs, within their budget
- Appointed the selected contractor and project managed the fit out to successful completion – on time and on budget.
We are delighted with the result achieved, following the advice of Vail Williams’ lease advisory and project management team. Not only did their advice allow us to remain in the building, it also secured us modernised facilities, improving the quality of the space that we needed to support our business as it continues to go from strength to strength. A great outcome for all involved.
Greg Davidson, Company Secretary, discoverIE.
Results
- By collaborating with the landlord, discoverIE was able to remain in situ, with a building that was designed specifically for their use for the next 10 years
- Successfully coordinated the landlord’s works with the fit out works both contractually, legally and in health and safety terms, to ensure a successful outcome for all involved
- Meanwhile, the landlord retained their tenant for a further 10 years, whilst benefitting from an enhanced asset.
Get in touch
If you think you may need similar support to that described here, or you would simply want to have an informal chat with a member of our team to discuss your property needs, get in touch.
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