Devono were appointed after a long-standing relationship with the founder of Cazoo, to embark on a search and acquisition for their first London office. A thorough unveiling of the Euston / Kings Cross submarket was followed by accompanied viewing tours and subsequently detailed head-of-terms negotiations on a favoured building.

The accommodation acquired was a short-term sublet from an AI company looking to mitigate liability, and so favourable terms were secured by way of low passing rent, above-market rent-free incentives, and limited repairing liability.

Devono were once again retained to then deal with the lease renewal with the landlord, once the sublease approached expiry. A new longer term lease was then agreed on revised terms, with a landlord who invested capital in the building for Cazoo’s future use.

In conjunction with these leasehold transactions, our flex / managed office team were tasked with sourcing an overflow requirement, to the order of 100 desks, and so searched the flex market. A unique opportunity presented itself at a mainstream, high-profile, serviced office provider, located next door to the original leasehold property. A flexible licence agreement was agreed on newly fitted out managed space, for a term to coincide with the neighbouring existing lease.

Services provided:

• Leasehold agency and workplace support
• Flexible office consultancy
• Building Surveys