OCASO, 12 Appold Street - Case study
OCASO SA, a Spanish insurer founded in 1920 had been based in their office near Aldgate for over 15 years OCASO approached Daniel Watney to assist with the relocation of the London HQ. OCASO were faced with a looming lease expiry with no prospect of renewing their current lease as the building was to be redeveloped. The move presented a number of challenges – strategically, culturally and fiscally.
Engaging with key stakeholders, Daniel Watney devised a relocation strategy and search criteria, to overcome these challenges
Our Role
A thorough search of the market to identify suitable opportunities
We carried out a number of viewing tours and considered the merits of each opportunity
Detailed cash-flow analysis of the preferred opportunities to help inform decision making
Negotiate detailed Heads of Terms to secure the best financial deal and protect OCASO’s interests in terms of other liabilities, for example – repairing obligations, service charge, break options, alienation rights and rent review provisions
Liaising with OCASO’s other consultants (solicitors, fit-out and IT) to ensure the matter was seen through to a successful completion.
Result
Daniel Watney commercial real estate agents were able to identify 17 potentially suitable options. Ultimately, we were able to narrow down to a preferred option and acquired 4,045 sq ft of office space at 12 Appold Street, a stone’s throw from Liverpool Street station. The building had recently undergone a comprehensive refurbishment to deliver high-quality Cat A offices.
Daniel Watney were able to secure our client over 20 months’ rent free and saved them over £480,000 over the course of their lease.
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