BTG secures student accommodation lease disposal for historic Bloomsbury property

The Challenge

A historic five-storey building comprising 140 student rooms in Bloomsbury, London, was under-maintained with a leaseholder struggling to meet rental obligations and unable to fund essential exterior repairs and redecoration required under lease terms. The situation required sensitive handling to protect the client's interests whilst resolving the leaseholder's position and securing a replacement operator capable of properly maintaining this architecturally significant building.

Our Approach

Upon instruction, we immediately engaged with the leaseholder to understand their financial position and review lease obligations. We explained repair responsibilities clearly whilst discussing options for resolving their difficulties. When it became apparent the leaseholder couldn't fund required works or sustain rental payments, we negotiated a consensual lease surrender, avoiding costly and time-consuming forfeiture proceedings. Our team then marketed the long leasehold interest.

The Outcome

We successfully secured a new long leaseholder at a price 30% above the client's expectations. The new operator has committed to undertaking all outstanding repairs and redecoration, restoring the property to a condition befitting its historic significance. The building now generates secure rental income whilst being properly maintained for future generations. This outcome protected the client's financial and heritage interests whilst delivering a seamless transition that minimised void periods and preserved the building's reputation.