The challenge:
Rob was approached by an old University friend and former flat mate for advice on acquiring alternative office space in Guildford. US headquartered Peabody Energy are world’s largest private-sector coal company, with 2009 sales of 244 million tons and $6 billion in revenues. Its coal products fuel 10 percent of all U.S. electricity generation and 2 percent of worldwide electricity.
The new Guildford office was to house the global trading arm, a team of senior directors more used to trading multi-million pound positions within minutes rather than the more sedate pace of property deals.
The solution:
After an appraisal of Peabody’s spatial requirements, BrayFoxSmith drew up a list of suitable properties within Guildford. After extensive market research, we conducted a number of property viewings with Peabody.
We requested proposals on the 2 preferred properties and ran cashflows to demonstrate the outgoings over the course of the lease term taking in to account outgoings, fit out costs and end of lease dilapidations.
Activity in the Guildford office market had picked up noticeably in the period of the acquisition and it was therefore critical to secure the chosen option before other occupiers committed to the accommodation.
The result:
Peabody chose 65 Woodbridge Road as its new UK base, a newly developed building owned by Standard Life and undoubtedly the best quality space in Guildford. We secured 4,000 sq ft in a timeframe critical to Peabody’s vacation of its existing accommodation in Leatherhead.
Bray Fox Smith have helped lots of occupiers and landlords
