ARK were occupying premises at 15 John Adam Street, which overlooks the Strand. As their lease was coming to an end they asked Monmouth Dean to undertake a review of their property strategy. We analysed the necessary budget required to meet their staffing needs and concluded that their initial search areas should include The South Bank (SE1), Holborn (WC2) and other areas of the West End that would match the budget criteria. Cash flow forecasting was assisted by the fact that, as a charity, ARK benefit from 80% business rate relief. (In fact in some cases charities can obtain 100% relief). Attention was, therefore, concentrated on rental and service charge forecasts. After undertaking a series of tours, a shortlist was produced which included Arundel Great Court (owned by Land Securities), Wall Yard in Bermondsey Street (owned by Great Portland Estates) and the top two floors of the recently refurbished 65 Kingsway.
Having weighed up the options, ARK decided 65 Kingsway was their front runner and instructed Monmouth Dean to begin negotiations to secure the space at the most competitive terms available. A deal was agreed which enabled ARK to occupy the space they needed and take an additional area for future expansion.
Monmouth Dean have been instructed to sub let 2,750 sq ft on part of the sixth floor and this is available on a short term flexible lease at a quoting rent of £29.50 psf, exclusive.
ARK Schools is a UK education charity and is part of the international children’s charity ARK. They run a range of health, welfare and education projects in the UK, Southern Africa, India and Eastern Europe.