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The end of a 50 year lease

Sat 10 Nov 2018

The end of a 50 year lease

One of Cambridge city centre's most prominent office buildings is set to receive a new lease of life following the lease surrender negotiations which Juniper handled on behalf of Lloyds Bank, at Gonville Place.

When the bank branch closed in 2017, Juniper was charged with disposing of the entire 26,500 sq ft building, which sits at the junction of Regent St and Hills Rd, opposite the Church of Our Lady and the English Martyrs. In addition to testing the market, discussions took place with the landlord, Howard Group, and it became clear that a surrender would benefit both parties - Lloyds could exit its lease liabilities which still had 7 years to run, while Howard could regain control of one of its key investments in its city centre portfolio.

The surrender was completred in October, bringing an end to one of the longest occupational leases that Juniper has ever dealt with - Lloyds had signed a 50 year term back in 1975!  

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