Leasing and Letting - Level 2 Flashcards
What was the process of lease acquisition?
- Received instructions from the client
- Agreed terms of engagement and client signed
- Held an initial call to discuss exact requirements and motivations for the project
* 10,000 sq ft of office space in the West End – Fitzrovia, Covent Garden, Piccadilly - Carried out a search on Agents Society for appropriate properties
- I pulled together a schedule of properties (included rents, service charge, location, size, specification)
- I sent the schedule across to the client and advised on the most suitable units based on size, rent and location
- The decided then made a shortlist of options that wanted to view. I arranged viewings with the agents
- After viewings, held a call with agents and client during which we shortlisted the top 2 units
- Agents asked LLs to submit ‘Request for Proposal’ – included proposed terms, rents, incentives, RRs, break options, security of tenure, etc
- Client decided to proceed with The Lantern– ideal location, new unit, options to expand in future, reasonable rent,t
- HOTs were drafted and sent to solicitors. An Agreement for Lease was agreed and parties exchanged. TT was granted access in August.
- Lease exchanged in Dec 2022 after I had left the team
What were the terms agreed?
What was the size of the space you were looking for on behalf of the entertainment business?
circa 10,000 sq ft
How long did it take to arrange the kick-off call with the client?
A couple of days
How many options did you present to the client?
20 initial options
Can you explain your role in advising the entertainment business on their 10,000 sq ft requirement? How did you assist them in the leasing and letting process?
Describe the steps you took to understand the client’s needs and aspirations during the kick-off call. What specific aspects did you discuss regarding their existing London office and their desired timing for their new London office?
How did you compile a comprehensive schedule of options based on the client’s requirements? Can you explain the factors you considered and the process you followed to present the options to the client?
What was the process for the client to select a shortlist of options and proceed with physical inspections? How did these inspections contribute to the evaluation and decision-making process for the client?
Discuss the role of Request for Proposals (RfP) in the leasing and letting process. Can you explain the purpose of issuing RfPs from the shortlisted properties and how it led to the negotiation of full heads of terms and leases being currently negotiated?
Can you provide examples of specific challenges or complexities you encountered during the leasing and letting process for the entertainment business? How did you overcome these challenges to achieve successful outcomes?
Can you explain your role in advising the software company on their acquisition of approximately 6,000 sq ft in the City Core? How did you assist them throughout the leasing and letting process?
Describe the steps you took to kick-start the property search for the software company. What discussions and information did you gather during the kick-off call regarding their requirement for tower space and their London office desires?
How did you search for suitable options in the market based on the client’s requirements? What criteria did you use to identify and present these options to the client?
Can you explain the process of arranging inspections for the shortlisted buildings? How did you ensure that the client could occupy the space as soon as possible?
