WeWork has told GCP Living it wants to exit its lease on Scape Shoreditch, N1, imminently, leading GCP Living to seek legal advice to recover “the maximum possible amount” from the flex space giant should it walk away.
WeWork, which has a long-term lease on the building, owes £1.5m to GCP Living for rent payments due for the March and June quarters, the company claims, as well as a full September quarterly payment due.
In a financial update, GCP Student claimed WeWork has informed the company that it wishes to exit the lease immediately, despite remaining in discussions with WeWork about money owed. The passing rent is £2.5m per annum.
In a statement, GCP Student said: “The company is seeking legal advice to ensure the maximum possible amount can be recovered from this tenant.”
It has started discussions with other parties to secure a new lease when it receives vacant possession.
WeWork was contacted for comment.
In addition, the company claims INTO University Partnerships also owes £1.9m for its latest termly instalment, and is in discussions with the company about the outstanding rent.
The company also reported that its portfolio value stood at £1.01bn at 30 September 2020, representing a like-for-like increase over the quarter of 0.7%.
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