Estates Transformation Programme
In the face of significant funding pressures, the Home Office (HO) required Cushman & Wakefield to identify opportunities to rationalise the HO UK wide estate, in terms of ‘quick win’ opportunities (within 12-24 months) and ‘medium term’ opportunities (within 5 years).
Cushman & Wakefield’s analysis focused on headline portfolio characteristics, performance metrics, and potential consolidation / rationalisation projects based on latent capacity within the estate. Attention was placed on geographical clusters, particularly those with critical lease dates (lease breaks and expires) within the next 5 years. Multiple disparate property datasets were collated and intelligence held by regional portfolio leads on pipeline asset investment and consolidation plans.
A UK wide savings model was produced providing visibility of potential consolidation/ rationalisation opportunities, together with indicative project costs, and downstream saving projections. Recommendations were grounded in a balanced review of options, taking into account operational, financial, and technical considerations.
Over £100m worth of savings have been identified over a five year period, involving the consolidation of staff to and from Central London hubs and exiting over 50 property interests regionally. Cushman & Wakefield has developed HMT compliant Green Book Appraisals to provide a cash-flow analysis to inform the investment costs and resultant savings as well as HO funding requirements for PIC board meetings.