MPW Gets the Go Ahead to Expand
Jaggard Macland helps independent college pursue growth plans with confidence.
Founded in London in 1973 by three Cambridge University graduates, the MPW Group is one of the UK’s best known and well respected independent sixth-form college brands. Its attractive and modern learning environments in London, Birmingham and Cambridge are all located in close proximity to prestigious university campuses.
The Challenge
When MPW wanted to expand its college facilities in the heart of Edgbaston Village, Birmingham, it knew its ambitious plans would require a formal restructure of the long term lease held with its landlord.
Encouraging its landlords to construct an extension to the building it had occupied on Greenfield Crescent for a number of years would be difficult. But new classroom space and more flexible facilities for students and staff would create additional opportunities for both parties.
To help make this vision a reality, MPW turned to Jaggard Macland.
The Solution
Jaggard Macland entered into detailed negotiations with the landlord, promoting how improving the capital value of its property investment would create additional long term value that would prove a win-win for both parties.
Jaggard Macland restructured the lease in such a way that the landlord not only committed to building the extension at its own cost, it also accepted it would be liable for penalties if construction was not completed by the start of the new academic year. In return, MPW would surrender their existing lease and enter a longer term commitment with new lease terms.
With the Heads of Terms agreed, Jaggard Macland worked closely with MPW’s solicitors to assist with drafting of the new lease agreement. The extension was constructed by the landlord, and the new lease completed. At which point, a new opportunity arose.
When a building adjacent to the college became vacant Jaggard Macland were again re-briefed to handle a complex series of negotiations that would enable MPW to expand into the adjacent property on a new lease, extending its existing college lease to ensure consistency of critical expiry dates. In addition, MPW was able to secure a long term lease on residential accommodation for students at an appropriate price and with full control over the services provided.