Property exit strategy
Post-COVID-19 business relocation
New headquarter premises secured on 5-year lease
Property Exit Strategy Case Study - Sedex
11,000
sq ft
office building
15
months
market rent-free
Challenge
Vail Williams was appointed by Sedex, one of the world’s leading ethical trade membership organisations, to source new office headquarters.
Sedex sought to exit their existing premises and relocate to new premises near Southwark or on the City fringes.
How we helped
- Worked closely with Sedex to understand business objectives and culture.
- Developed an exit strategy to ensure an efficient exit from existing premises.
- Provided building consultancy advice to mitigate dilapidations costs at exit.
- Mitigated rating liability at exit from existing premises with business rates advice.
- Having understood Sedex’s culture and values, undertook in-depth search of office market for an appropriate solution.
- When the pandemic hit, we evolved our search to meet our client’s changing needs.
- Identified 11,200 sq ft of office space at a prime City location – 5 Old Bailey, close to St Paul’s at the junction of Old Bailey and Ludgate Hill.
- The building represented a prime poct-COVID19 location -newly refurbished Grade A offices, fully fitted out with collaboration space, bike racks and showers, ability to open windows.
- Working with the landlord’s agents, BNP Paribas, negotiated a 5-year lease with 15 months market rent-free.
- Provided ancillary business rates advice in relation to the new premises.
What impressed us from the beginning was that Kevin and Claudia worked through our needs in a meticulous way and understood the nuances of the various locations, never tried to push us in a particular direction and were always conscious of our concerns about the London property market.
Liz Aldred, Director of Human Resources, Sedex.
Having met with a number of agents we were particularly impressed by the approach of Vail Williams in not only understanding our brief, but also taking the time to understand our company values and culture and the role they play in an office space. Even when the pandemic forced us to make a change in direction and requirements, they were professional, patient and a pleasure to work with, and ensured we achieved favourable terms in all negotiations. I would have no hesitation in recommending Vail Williams given the excellent service we have received.
Liz Aldred, Director of Human Resources, Sedex.
Results
- Our shared values and culture and ability to understand our client’s brief meticulously, helped Sedex to right-size their business premises for a post-COVID world.
- We secured the new premises on best possible terms, reducing their property costs.
- The new building matched their culture, creating a collaborative and inspiring workplace fit for the future.
- Offices are open and staff have returned to enjoy the benefits of the new facilities on offer.
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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