Barclays Bank has brought in McCalmont-Woods to jointly advise with BNP Parisbas Real Estate on the disposal of its surplus space at Hertsmere House, West India Quay, London, E14.
McCalmont-Woods is currently marketing 4,683 sq ft on the ground floor. The accommodation is available on a new effective full repairing and insuring sub-lease for a term until April 2013 at a quoting rent of £12.50 per sq ft.
McCalmont-Woods negotiated a 75% saving for the The Newspaper Society on the proposed increase in a recent rent review on its 5,000 sq ft 8th floor offices in St. Andrew’s House, 18-20 St. Andrew Street, EC4.
Founding director Nick McCalmont-Woods said: “The new rent agreed with landlord PriceWaterhouseCoopers LLP at the 29th September 2008 review date represents an uplift of just 4% on the current rent.”
Lynne Anderson, Communications Director at The Newspaper Society said: “We are all looking to keep operating cost increases to a minimum. McCalmont-Woods delivered.”
The Newspaper Society represents and promotes the interests of Britain’s regional and local media. It was founded in 1836 and is thought to be the oldest publishers’ association in the world.
Acquisition of 18,685 sq ft in 20 Old Bailey, EC4 for TATA Communications
Bespoke financial adviser Welbeck Wealth Management has acquired the 20,000 sq ft fourth floor at City Place House, 55 Basinghall Street, EC2. The firm’s impressive growth sees Welbeck, advised by McCalmont-Woods, taking a 7-year lease at £33.00 per sq ft.
Welbeck provides wealth management advice to over 5,000 City clients and is now part of the Openwork Network, one of the largest franchise networks of financial advisers in the country. It was previously located at 130 Wood Street, EC2.
Acquisition of 17,000 sq ft in 30 St. Mary Axe, EC3 for Abbey Business Centres (Image courtesy of Guardian News & Media Ltd 2006).
Disposal of 2,217 sq ft on One Canada Square, Canary Wharf, E14 for ExecuJet (UK) Ltd
“We need to dispose of our lease – and fast!” was how John Brutnell, General Manager at global business aviation group ExecuJet (UK) Ltd summed up his instructions to McCalmont-Woods to dispose of a surplus 2,200 sq ft of office space on Level 34, One Canada Square in Canary Wharf, E14.
Working jointly with Studley, McCalmont-Woods drew up an initial marketing report setting out the leasing options available to the existing tenant and making various recommendations to ensure a speedy disposal for ExecuJet. The lease was successfully assigned to online business news provider IB Times just two months from receipt of client instructions – a feat all the more remarkable because no formal marketing was ever undertaken!
Occupiers often complain that their agents always pursue the easiest option to get a deal done. But McCalmont-Woods has a markedly different approach. Following 12 months of extensive negotiations on behalf of Abbey Business Centres, McCalmont-Woods acquired 17,000 sq ft on the 15th floor of the iconic ‘Gherkin’ skyscraper 30 St. Mary Axe, EC3 from Swiss Re under an OMA (Operator Management Agreement).
The innovative structure of the OMA required the creation of a detailed financial model, the assumptions of which were agreed by both parties and provided the benchmark against which to measure operating success. McCalmont-Woods’ successful completion of this instruction brings the amount of business centre space in the Foster-designed landmark tower under Abbey Business Centres’ control to c.44,000 sq ft over 3 floors.
Leading specialist liability insurance provider Marketform instructed McCalmont-Woods on its 20,000 sq ft City office rent review at 8 Lloyds Avenue, EC3 in July 2009.
The instruction is seen as a valued endorsement of McCalmont-Woods’ ethos and expertise. Founding director Nick McCalmont-Woods originally acquired the building for Marketform in 2004 and sub-let part of the ground floor the following year.
Commenting on the appointment, Marketform Management Services Director James Romer-Lee said: “It is incredibly important for any business to be able to trust its consultants. McCalmont-Woods has always delivered a level of service and bespoke expertise that is difficult to find elsewhere.”
Acquisition of 1,000 sq ft in 6 Lloyd’s Avenue, EC3 for Simpson & Marwick.
McCalmont-Woods’ first acquisition! A referral from existing client Marketform to the Scottish law firm Simpson & Marwick.