Bevan Ashford is taking advantage of London’s soft property market after securing a bargain lease and hefty rent-free period for space at Fleet Place House.
The Bristol-based firm is taking 22,000sq ft of space at the new office, bringing together its London sites, which are currently split across two different buildings.
Bevan Ashford will pay just £33 per sq ft on two floors in the building, which is adjacent to Denton Wilde Sapte’s London base. The Bristol firm has also negotiated a 27-month rent-free period with a five-year break.
Cushman & Wakefield Healey & Baker acted as property consultants, while the landlord, Crown Estates, was advised by CB Richard Ellis.
One property consultant said the firm was “very lucky” to land the deal, adding that £40 per sq ft was “more the tone” for London commercial lettings.
Earlier this month, fellow Bristol firm Osborne Clarke signed a lease at London Wall for £42.50 per sq ft on 35,000sq ft with a 26-month rent-free period.
Bevan Ashford’s London office, with 97 staff, is expected to relocate at the end of August.