Monmouth Dean has successfully advised Orient Express Group and secured a new 23,000 sq ft London HQ with stunning views of the Thames following a 9 month search. Their existing office in Sea Containers House (originally built by Orient Express) is due to be developed in early 2012.
The brief was to remember that, whilst a luxury brand, the base business is a travel and marketing operation and as such a budget for a new office needed to be in the region of £40 per sq ft per annum. The client’s ideal scenario was for modern office space with a “Thames view” in either SE1 or a “view of trains” from Victoria.
Few options existed as there has been a drought in the development pipeline leading to a limited supply of decent sized floor plates. Monmouth Dean partner, Jason Hanley, commented “this lack of supply has forced the market to teeter on the cusp of a revival. We were, however, able to identify four serious potential options, all within budget”.
Jason added “whilst we undertook a detailed and comprehensive search, we quickly identified space in Shackleton House in the ever popular Hayes Galleria as the front runner. It was eminently superior to the other options however ‘the deal’ involved a complicated tripartite negotiation. We knew this would take time, but as the previous tenant, Dexia, had fitted out the floor in a style very similar to that which Orient Express wished to replicate we knew the efforts would be worthwhile”.
Jason was able to successfully negotiate attractive terms on behalf of Orient Express that included a low rent of £35 per sq ft and a 27 month rent free period. He further secured all fixtures and fittings (including some very attractive furniture), IT systems, telephones, desks and an impressive board room with plasma televisions and PDAs. These fittings would save money and also (importantly) time.
Conclusion:
Orient Express were able to identity new, better quality, premises at a lower rent than their existing Sea Containers House. Shackleton House also has outstanding river views and forms part of the attractive Hays Galleria shopping complex and is adjacent to More London and opposite London Bridge Station.