How did TSP save over £5 million for The Open University?
Posted 4 months ago by Mia Brown
At the end of last year, The Open University approached TSP with their property conundrum.
With more of their work shifting to the digital sphere post-pandemic, they no longer required their Camden administrative base which they had occupied since 2002. The circa 20,000 sq ft prime office, a short walk from Camden High Street and Camden Market, had a long-term lease which the OU needed to assign.
Before it was placed on the market, TSP introduced the building to iconic retailer, Dr. Martens. The bootmaker recorded booming sales in 2021, with total revenue up 15% and increasing London staff numbers during the pandemic. With their design studio and experiential flagship store a short stroll away, we knew this was their stomping ground.
And the rest is history. Acting on behalf of The Open University, TSP successfully facilitated the office lease assignment to Dr. Martens as new long-term occupier. This successful off-market transaction helps to reduce the university’s operating overheads and restructure their property portfolio. In the process, it has also saved them over £5 million in occupancy costs.
For Dr. Martens, established in Camden Town in 1958, the new space is an extension of their existing NW1 boot-print and assertion of cultural heritage. It showcases their highly impressive, continued business growth and resilience during one of the most challenging periods faced by the retail industry.
We’re proud to have facilitated this off-market transaction, scoping out property opportunities and repurposing modern office space. A win-win for all parties involved.
The transaction completed in Q4 2021 and shows that demand for office space is alive and boot-kicking.
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