Case studies
Willis
Helping Willis surrender a non-occupational leasehold By implementing a strategic Planned Preventative Maintenance Progamme years in advance of the lease end we ensured Willis’ dilapidations liability would chiefly be covered by the service charge.- Location Kingston-Upon-Thames, London
- Key figures 80,000 sq ft office with ancillary retail
- Additional Information Jonathan Podmore, +44 (0) 20 7484 8156
The results
- Willis was able to retain the £500k it had set aside for the dilapidations liability
- It was able to release its leasehold obligations early and save 80% of its provisioned monies
- Willis was able to exit 12 months early from a building it did not occupy
- It avoided a complicated and potentially protracted dilapidations claim involving the superior landlord and a number of sub-tenants
- Willis was able to remove the surplus leasehold property it had inherited through an acquisition from its balance sheet.
The challenges
- Willis needed to understand what its actual liability was due to the complexities of the building, including a 30 year old mansard roof. The aim was to exit the building early so it could release monies provisioned for dilapidations and other costs.
What we did
- Our building maintenance programme enabled significant monies to be collected through the service charge to meet Willis’ dilapidations liability for the common parts
- We developed a strategy to position Willis so we could negotiate an early surrender
- We ensured that Willis’ dilapidations liability were recoverable through the service charge.
English