Case Studies

Property Management Case Studies - BNP Paribas Real Estate UK  

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
  • Contact 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.
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