EngageTech acquired 24 Southwark Bridge Road and agreed an assignment of the existing lease for a term until May 2022. The office space comprised of 3,289 sq. ft.
SHB advised looking at an assignment as there can be large financial incentives for doing so. The 1st floor at 24 Southwark Bridge Rd was occupied by a tenant who wanted an early exit from the unit. SHB were able to negotiate with the tenant to agree an assignment of their lease at the passing rent which was below the market rent for the area. The space was inherited fully fitted with all the needed AV and internet already in situ. Furthermore, SHB agreed a premium to be paid to Engagetech of over £140,000.
The lease had 4 years left on the term which was ideal for the client.