Not often I deal with new lettings but…
21 October 2026(2026-10: LinkedIn) …subject to client entrusting, an opportunity for my way of thinking.
9/13 Powis Street, Woolwich, London SE18 8HZ In 2009, this 5228 sqft building on ground floor, basement, and three upper floors (offices and ancillary) in a prime trading position was let to Bank of Scotland plc (Lloyds Banking Group) for 10 years at £165,000 pax with review in 2014. Soon after, the freehold investment was sold prior to auction. 2014 review nil increase.
Buyer, new client, instructs me to deal with lease renewal 2019. CBRE for the Bank, ITZA agreed 1166.56 sqft. Interim rent 2019 to 2024, contractual term 2024 for 3 years at £102,250 pax. Zone A level down from £132.61 to circa £95.
October 2025 Bank closes branch. Buyer instructs me to advise and deal with. Two serious expressions of interest from national covenants. I invite best offers, can only have only one winner. I draft and circulate Heads of Terms. Bank wants to surrender, I negotiate 6 figure consideration and agree HoT, target completion January 2026.
Offer subject to planning consents under Agreement for Lease. Prospective tenant applies for planning consents months before AFL completed in July 2026. Bank lease surrender just 6 months after target completion.
Legals take ‘forever’, not the lawyers fault, simply too much missing information. I liaise with the client’s solicitors on documents at every inch of the way, client leaves most decisions to me. I organise removal of asbestos and safes. Planning consents granted, completion at long last today.
Tenant t/a KFC. Lease excludes s24-28 LTA54, 20 years at Headline Zone A £115.73, RR-5: first review index-linked cap-and-collar, otherwise to open market rent, upward-only. Tenant break at year 10 and 15,
Thanks to Callum Mortimer of Four & Co, acting for ‘KFC’, for all his help throughout.
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