BMS Case Study - Uxbridge Business Park | Goodman Business Parks+
Bristol Myers Squibb (BMS) had an impending lease break in June 2005 and therefore had a tight timescale to secure the pre-let of their new European Headquarters. Their current location was Hounslow, Middlesex and therefore their new facility had to be in the same geographical location. Uxbridge Business Park was selected in competition, with BMS becoming the first confirmed occupier.
Bristol Myers Squibb's Objectives
The key driver to the project was the need to provide a very high quality building within sufficient timescales to enable occupation by June 2005 and thereby avoid lease-break penalties. In addition, BMS paid a high level of attention to their softer, staffing issues, to secure collaboration in the delivery of the project. BMS also needed flexibility in the size of the building, to allow for the future incorporation of a further office, due to be vacated in 2010.
The Goodman Solution
BMS commenced discussions with Goodman in August 2003, with an Agreement for Lease being signed in November 2003. This included an option agreement to request a 10,000 sq ft extension of the building within a five year timescale, thereby overcoming their flexibility requirements. A short delivery period was set, which included the concurrent delivery of the main park infrastructure.
In addition, Goodman provided a successful solution to BMS's difficult fit-out timescales, by integrating these works into the main contract. The fit-out was on budget satisfying BMS's need to demonstrate competitive pricing.
The works were completed in May 2005, allowing BMS over a month between moving into their new building and vacating their existing premises. They now occupy one of the most prestigious business park environments in the UK, with direct access to approximately 40 acres of private pasture land, set between rivers and the Grand Union canal.
The benefits to BMS revolved around the guaranteed delivery of the timescales and the opportunity to exceed their fit-out requirements. In addition, enhanced flexibility was provided by allowing a fit-out that totally met BMS's bespoke needs.
Security was also a key issue, due to the nature of their business, and measures were developed to provide the requisite levels, whilst maintaining an open and free business park environment.