Case Studies
Big Lottery Fund
Atlantic Quay, Glasgow
Location, size and uses
Leasehold acquisition of new Scottish HQ in Glasgow extending to approximately 16,500 sq ft. Subsequent disposal of 2 separate buildings within the City Centre totalling 12,250 sq ft.
The brief
The Big Lottery Fund was created by Central Government to act as the sole distributor for good cause money from the National Lottery. The client occupied two separate office buildings within the City Centre which did not meet its modern requirements for cable management or cooling. Indeed, one of the buildings in which separate floors were held on individual leases did not provide co-terminus expiry dates.
Key objectives and constraints
Knight Frank provided a full search and acquisition service to identify a building which would meet the client’s budget requirement and enable them to re-locate their staff on one floor.
Actions and outcome
Following a lengthy property selection and inspection exercise, we advised the client on a series of negotiations with 4 shortlisted properties before finally agreeing terms with Scottish Power to sub-lease vacant accommodation within their corporate offices at 1 Atlantic Quay. Since agreeing terms on the above property, we were instructed to place the 2 surplus properties on the market. The Business Rates team are currently in the process of lodging appeals for both properties for vacant rates relief, with our Landlord & Tenant team carrying out a rent review at one of these properties. New HQ secured over one floor on favourable terms, with ability to secure further space on pre-agreed terms.
Knight Frank input
Office Agency.
Landlord & Tenant (Rent Reviews).
Building Consultancy.
Business Rates.
