Iona appointed SHB as they had outgrown their previous office in Jermyn Street and prior to appointment, they were close to acquiring something which was too large for them and too expensive. SHB trawled the market and showed Iona an option that was being quietly marketed on Pall Mall – 2nd Floor at 123 Pall Mall. We were able to negotiate this option well below typical market rents for the areas.
Having analysed different lease length options we found that a longer lease term gave Iona Capital a more attractive deal. Iona Capital ended up signing a 10-year lease with a break option at the 5th year. SHB RE negotiated the rent down by £5 PSF to £78.45 PSF and achieved 24 months of rent from equalling a total savings of over £400,000.