Project Driver sought to finalise the remaining occupational lease liabilities following National Grid’s relocation from Solihull to Warwick.
The last two remaining leasehold properties 51 Homer Road (Ground and First Floors) and 31 Homer Road (56,000 sq ft) had different lease profiles with 31 Homer Road being vacant but 51 Homer Road providing inadequate accommodation, and a longer lease commitment. The project sought to assess the most cost effective route to provide National Grid’s subsidiary XOService with high quality efficient accommodation whilst offloading surplus lease commitments.
GVA identified a potential requirement from Fujitsu who occupied the remainder (40,000 sq ft) of 51 Homer Road. A refurbishment of 31 Homer Road was undertaken to relocate XOServe and the remaining lease commitment at 51 Homer Road was assigned to Fujitsu. In order to provide National Grid with continued accommodation for its remaining staff a short term leaseback was entered into on the ground floor of 51 Homer Road with a 6 month each way rolling break, enabling each party, ultimate flexibility in the future.
How GVA added value
GVA’s intimate knowledge of the Solihull Office market enabled the potential requirement to be satisfied in a timescale that was critical to meet other lease expires. The liaison with National Grid’s landlord, undertaken by GVA in respect of 31 Homer Road and 51 Homer Road was crucial in ensuring timeframes for each of the respective relocations was met.