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Case Study

Successful completion of four lease renewals in London WC2

Melbourne House Aldwych London WC2Melbourne House, Aldwych, London WC2 is a self contained building of 40,000 sq ft adjacent to Bush House. The majority of Bush House is currently occupied by the BBC World Service. Jones Lang LaSalle has acted for the Japanese owners of Bush House, Kato Kagaku, for the last 20 years in providing comprehensive advice on asset management, property  management, project & development services, rating, leasing, valuation, rent reviews and lease renewals, and more recently on redevelopment / refurbishment which will arise when the BBC World Service are scheduled to relocate to Broadcasting House in 2012.

Based on advice from the capital markets team, Kato Kagaku acquired the freehold of Melbourne House in 2005 as part of the site assembly for Bush House.

With potential voids looming at Melbourne House this year, the Lease Advisory team working in conjunction with the Property Management team have successfully concluded four short term lease renewals to Kings College London, M Moser Associates, OB10 and Betgenius. The lease renewals will provide continuity of income for the landlords and remove the rates liability until the building is ready for redevelopment or refurbishment in 3 years time.

Contact – Geoffrey Pentecost in Lease Advisory or Patrick Elwood in Investor Property Management.

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