Deal secures substantial savings for Baker Tilly over next seven years
We have worked with Baker Tilly on a disposal deal that will see the accountancy firm save around £500,000 per annum over the next seven years in the fourth largest deal of its kind in 2014.
Baker Tilly appointed us to manage the disposal of 17,500 sq ft of sixth floor office space and 10 parking spaces at 2 Wellington Place. The accountancy firm had inherited the lease following its merger with RSM Tenon in 2013.
The property could not be marketed openly, a challenging prospect that we were able to circumnavigate thanks to our knowledge of the market and extensive network of contacts in the region.
We confidentially marketed the premises to its deals database, negotiating an off-market deal with BskyB which sees the communications giant take on the lease for the next seven years.
Commenting on the deal, Baker Tilly’s partner responsible for property in Leeds, Paul Byrne, said: “This deal allows us to have much more suitable accommodation over the next few years whilst also reducing our costs, and I can only applaud Sanderson Weatherall’s professionalism and tact in this matter. Without their knowledge and ability to work with us on this sensitive negotiation process we would not have been able to agree this disposal.”
The transaction, which was completed in September 2014, was the fourth largest letting of office space in Leeds this year to date, and the second largest in the third quarter of the year.
Sanderson Weatherall’s partner in the office and industrial agency department, Richard Dunn, said: “This was a unique deal, both in terms of size and the fact that we were unable to market the deal openly. Thankfully we have good relationships with many potential occupiers and advisors, allowing us to present this attractive space to a range of high-quality contacts, giving Baker Tilly the deal they were hoping to achieve.”