The facts
Client: Sue Ryder Care
Location: London
Services: Building Consultancy
Start/Completion: 2011 - 2012
The project
The client wished to minimise their dilapidations
expenditure following relocation of their London office, as well as
budgeting for the dilapidations prior to receiving the landlord’s
claim.
The lease had been determined by means of a
conditional break, which was specific upon VP being offered up,
along with the payment of rents up to the date of determination.
Capita Symonds needed to ensure that the break was managed
effectively in order to allow the client to exit the lease without
risk of invalidating the break.
Capita Symonds initially prepared a dilapidations liability report
for the client to enable them to budget for the dilapidations. On
their behalf, we then entered into dialogue with the landlord’s
advisors in an attempt to bottom out the VP issue. A twin approach
was undertaken whereby simultaneously lining up to undertake the
necessary works to satisfy VP, along with negotiating a financial
settlement of the dilapidations.
Ultimately, and with Capita Symonds working collaboratively as a
larger occupier services team, the landlord accepted the VP well in
advance of the break date, when facing the prospect of a reduced
financial settlement. This left Capita Symonds free to negotiate
the dilapidations, ensuring that the settlement was at a reasonable
level.
Forward planning and the preparation of the dilapidations liability
report allowed the client to prepare for the dilapidations
liabilities. The client was in a stronger position during the
negotiation process in which they had made a significant savings on
both floors – 39% saving on the first floor and 53% saving on the
second floor.