We were instructed to negotiate and agree the acquisition of 33,800 sq ft of offices and technical space at Cody Technology Park, Farnborough, for Renesas Mobile Europe Ltd.
Having purchased Nokia’s wireless modem business, Renesas needed to relocate quickly from its existing premises in Farnborough. It had identified a potentially suitable building - A3, Cody Technology Park in Farnborough. It had also agreed provisional terms with the landlord, QinetiQ.
Identified opportunity to improve lease financial and terms
At this point we were appointed to undertake a building survey for Renesas. However, on reviewing the transaction terms agreed to date we identified that improved financial and lease terms could be available.
In addition to undertaking the building survey, we were also instructed to renegotiate the commercial deal with QinetiQ, and restructure the transaction to speed up delivery. We proposed a contingent fee structure based entirely on savings negotiated on the deal that had originally agreed by Renesas.
Savings of £750,000 delivered
Having restructured the lease transaction and renegotiated the commercial terms, we secured savings for Renesas in the region of £750,000.
In addition, and as part of the building survey, we also agreed a package of landlord-funded improvement works.
The deal was structured to enable Renesas to undertake the landlord’s works (with the landlord covering the costs), as part of its own fit-out. This ensured faster project delivery, achieving the required occupation date.
Acquisition delivered on time, with substantial savings
Throughout the transaction we actively managed the legal negotiations to progress early exchange of contracts and timely occupation.
The end result was delivery of the required office and technical space within an exacting timetable, combined with substantial financial savings secured for the client.
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