Client: Partnerships in Care
Gerald Eve client Partnerships in Care, the UK’s leading independent provider of mental health care, needed to free up more hospital space at its head office site near Royston, Cambridgeshire.
In March 2007, it instructed business space agency to find a new head office location in the Borehamwood area, chosen because of its good links to central London and convenience for senior executives.
Within just four months, a deal was completed at Imperial Place in Borehamwood, providing Partnerships in Care (PiC) with 9,649 sq ft of new air-conditioned office space. PiC has signed for a ten-year lease on the fourth floor of building two at a rental of £19.50 per sq ft.
Gerald Eve also succeeded in negotiating ten months’ rent free and a break in the lease at year five, which was important to the client in providing flexibility. The landlord was Gresham Real Estate Fund II LP, which is managed by Schroder Real Estate Ventures.
The building surveying team carried out a survey of the premises for PiC, which is an existing client of Gerald Eve’s specialist department. The healthcare company will now join a string of well-known names at Imperial Place, including Bradford & Bingley, Signet, George Wimpey and Pizza Hut.
The relatively few options available to PiC within its closely defined geographical area made it harder to negotiate terms so the client was pleased to have obtained a number of favourable concessions, as well as securing new offices within a short timeframe.
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