Volvo’s UK headquarters occupied a 1980’s office building in Marlow
The lease was outside L&T Act protection and had already been extended. The building was not considered suitable for Volvo’s HQ occupation in the longer term. The client was keen to improve their working environment and profile without increasing occupational costs in a difficult business environment. Cushman & Wakefield were instructed to examine all relocation options within an agreed radius of Marlow.
Cushman & Wakefield identified potentially suitable sites and buildings which were inspected. Following a detailed analysis of qualitative and quantitative factors, it was decided that the optimum solution would be to relocate to Network House, Maidenhead, a building in need of significant refurbishment.
Cushman & Wakefield negotiated a 15 year lease on the building to optimise the value of Volvo’s covenant. At the same time, Cushman & Wakefield’s Project Management team agreeing a detailed specification of works with the landlord. As the move needed to be cash neutral, a significant capital contribution from the landlord was agreed in lieu of a rent free period, to be paid in full prior to the lease commencing.