Set Square advised Capita following the exercise of the break option to terminate the lease on this 55,000 sq ft call centre providing Congestion Charging services to TfL. The original liability of £1.1m for reinstatement and repair works was managed down to £600k by negotiating with the Landlord to retain some alterations in conjunction with payment of damages in lieu, whilst undertaking most of the work to comply with covenant.
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Working with the client's Quantity Surveyor, Burnley Wilson Fish we prepared a design scheme and specification for the relocation of the existing New Look retail unit in creation of a new retail space to enable a Waitrose local store to be created within our client's Shopping Centre in Chippenham, Wiltshire. The conversion and enabling works were completed on time and within budget and to the client's satisfaction.
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An independent digital condition survey report was delivered by Set Square for the Grosvenor House Hotel as part of the funding requirements for the refurbishment of the hotel.
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Set Square led the multi-discipline teams and presented the combined advices under cover of a single report, extrapolating the key messages from the team in the Executive Summary. This assisted the client to understand the issues being raised in a straight forward and time efficient way.
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As part of reassessment a reinstatement costs for our clients UK wide property portfolio, we were able to provide accurate data to enable the buildings to be insured for the correct sums. This ensures the buildings have sufficient cover to protect the assets, whilst allowing any instances of over valuation due to previous undertaken desk based revaluations to be accounted for, reducing associated insurance premiums.
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The client successfully relocated in excess of 600 staff from these premises to an alternative site as part of a phased transition plan, undertaking dilapidations works as sections of the building became vacant. Set Square
achieved savings of approximately £200k over budget, and avoided loss of rent claims by undertaking the dilapidations works within the term.
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Set Square's prompt response and business-focussed advice assisted the Client to develop Business Continuity Plans following a catastrophic roof failure. These plans involved the immediate relocation of all staff off site, the protection of essential services from water ingress, and the provision of temporary covers at roof level to make the building watertight. Set Square's analysis of the cause of defect secured full recovery of cost of works from Insurers.
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Set Square's management of the dilapidations claim against the previous Tenant, and subsequent implementation of the necessary works to put the building into tenantable repair, has resulted in the building being immediately relet to a blue chip retail occupier. The improvement in tenant covenant has offset market-driven rent reductions, thereby protecting the value of the investment.
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Set Square achieved a saving of £432k over the Landlord's original claim for dilapidations.
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Set Square enabled the client to successfully exercise a break clause in the lease for these premises, escaping the final 26 months of the lease and avoiding in excess of £500k of occupancy liabilities. In addition, Set Square's
defence of the Landlord's claim for dilapidations produced a saving of £227k over the estimated total claim.
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