We were instructed by Siemens to advise on all commercial property issues arising from its relocation from Bracknell to Frimley, Surrey.
This was the largest office acquisition in the M4/M3 corridors for over six years.
Confidential market search for relocation options
We began by undertaking a market search for suitable options that met all of Siemens’ needs. It was important that this happened confidentially, and that the market didn’t find out about plans until things were finalised and staff had been told.
To support the decision-making process we carried out GIS mapping analysis. Scattergraphs of staff postcodes enabled analysis of travel-to-work time variations between the existing HQ and alternative options. This helped to identify Frimley Square as the chosen property.
Sale of existing offices in Bracknell
We also devised the marketing strategy to sell Siemens’ existing 180,000 sq ft freehold HQ in Bracknell. We undertook the asset valuation of the building, benchmarking its value before the sale process. This was then used in the budgeting of the whole relocation project, and the property was then offered for sale to a pre-selected and limited number of purchasers.
Our Building Consultants benchmarked the condition of Siemens’ existing HQ to support the sale process, while carrying out due diligence surveys on the new offices at Frimley Square.
Modern workplace secured in Frimley
The move has allowed Siemens to start afresh with a modern and high-tech working environment, embedding a lot of the technology that it sells to other businesses.
A competitive deal as negotiated on the 183,000 sq ft building, agreeing a 20 year lease with tenant-only breaks at a rent of £17.50 per sq ft. An undisclosed substantial rent-free period was also agreed.
Finally, the Bracknell sale process was tightly controlled and brought to a conclusion within 12 weeks. A one year lease back was secured to allow Siemens an orderly fit-out and relocation to Frimley. We also ensured that the highest price was achieved, substantially more than Siemens’ expectations and book value.
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