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JLL advised BIS in an initiative that represents a first in the public sector, transferring its surplus leasehold property obligations, totalling some 350,000 sq ft with a gross liability of £22m, to a specialist Leasehold Liability Transfer partner. BIS forecasts that the transfer will deliver a 40 percent reduction to future lease liability costs, representing a potential saving in excess of £10m at net present value over the remaining life of the leases.
This is one of a number of innovative approaches BIS is deploying to streamline its property portfolio and ensure it uses its assets of people, place and technology to its fullest potential.