Regear Glasgow City Centre

Acting for a Scottish professional services business, we were asked to secure a new office in a prime Glasgow city centre location. After undertaking a full search of the market, we identified and viewed several options, asked for and negotiated rents and lease terms with landlords. Simultaneously, we approached the existing landlord to see if they might be willing to agree a new lease in the same space. After various negotiations with external options and the existing landlord, it was agreed we would stay in the existing office.

The agreement reached allowed us to restructure the lease by removing repairing obligations which were inappropriate, remove parking spaces which were no longer required and reduce the rent. In addition, we agreed with the landlord that they would replace a heating system, at their cost, making the office more compliant with energy requirements. Once the lease variations were implemented, we managed to reduce the landlord’s rental proposal by 7% and significantly increase their incentive package.

Excluding the cost of the heating system, the financial package we agreed resulted in a saving of £95,625 over a 10 year period from the landlord’s initial proposal.