Dilapidations – Lease Disposal & Strategy for Omnicom
01 The Challenge
Relocation from 10 properties into a new 350,000sqft HQ.
Major dilapidations and lease disposal strategy.
Omnicom Europe Limited had to relocate from over ten properties into one over 4 years. Each lease had different termination dates. Some with break clauses and onerous obligations and others extending beyond the relocation date. The client assigned Cushman & Wakefield Building Consultancy team to de-risk onerous dilapidations. The team was tasked to settle larger claims as quickly as possible, leaving residual claims for a longer term approach.
02 The Solution
03 The Result
- Short term de-risking of the dilapidations financial exposure and lease liability, by focusing on easier wins.
- Long term strategy for the remaining more complex dilapidations settlements.
- Ultimately significantly reducing the overall dilapidations financial settlement for Omnicom.
Savings achieved on claims often in excess of 50%
Testimonial
"We successfully partnered with Cushman & Wakefield to navigate us through 10 complex and large scale exit obligations on our recent London consolidation. The Cushman & Wakefield team skillfully managed and guided us through the dilapidations process, meeting and often exceeding the objectives set and ultimately achieving a very positive financial outcome"
Stuart Young
Executive Vice President – Real Estate, Omnicom Europe Limited
Meet the Team
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Rethinking Properties
Valuation for Tax
Disposing of property can give rise to a tax liability in certain circumstances.
Landowners With Land being Acquired
Compulsory Purchase Orders can be a taxing experience for landowners, who may only receive notice of an acquiring authorities’ intention once the decision has been made.
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Regeneration projects often involve the challenging task of assembling sites from smaller parcels of land.
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With extensive experience in the niche field of Compulsory Purchase, Cushman and Wakefield offers both landowners and government agencies a range of expert CPO advisory services.
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