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Case Study

Major lease re-structure in Central Milton Keynes

​Our client, Technip, held a Headlease of the whole of Witan Gate House in Central Milton Keynes.  The property totalled 150,000 square feet but our client occupied 80,000 square feet only and had sublet the rest to BP Plc and Shoosmiths Solicitors.

The Lease Advisory team at JLL implemented a strategy around our client's March 2015 break clause to secure a surrender of the Headlease and a new lease on the parts of the property that they occupied only.

The benefits to the client included:

  • removal of the risk of the full Headlease liability being placed on balance sheet

  • removal of the risk of rent, service charge and business rates voids if the subtenants vacated

  • early crystallisation of most of the dilapidations liability, thus saving the additional dilapidations costs that would have arisen as the property deteriorated further with age.

  • creation of substantial rent free cash savings

 Technip are the world leader in project management, engineering and construction for the energy industry.

Contact – Eamon Burke, Director in South East Offices Lease Advisory, for further information.

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