The video conferencing facility of Godel Technologies’ existing suite on the 27th floor of City Tower, Manchester.
As part of its relocation project, Godel Technologies instructed Tenant Advisory Group to dispose of its existing office in City Tower which is held on a lease that does not expire until June 2019. Godel hope to move in June 2018 so this could mean them paying double overheads for 12 months.
After a brief marketing period, we have successfully agreed an assignment of Godel’s lease to a nearby tenant namely, Sheppard Robson. The vacation of the City Tower suite and the lease assignment will be timed to coincide with one another to ensure that the period of double overhead is kept to an absolute minimum.
This is a great result and allows Godel to relocate secure in the knowledge that its period of double overhead will be minimised.
Assigning to an existing tenant with good strength of covenant is an ideal outcome. Firstly, the landlord’s consent to the transaction is unlikely to be withheld because the assignee is a known quantity. Secondly, the assignee (Sheppard Robson) will be taking responsibility for rent and service charges as well as future dilapidations and re-instatement obligations. These aspects help minimise the risks associated with the transaction and any future liabilities.
If you have a redundant lease you would like to dispose of please contact Martyn Markland on 0161 457 1422 or email him at mm@tenantag.co.uk.