Resource Commercial Real EstateHarvey · London planning
Evidence through 24 September 2026

Model and sources · 30 September 2026

Model and sources.

The working model behind the brief. Change any assumption and every figure updates. Market benchmarks in pounds excluding VAT, not quotes and not Harvey’s actual costs.

The terms, in plain English
Existing managed
A serviced office: desks from a provider such as Fora, who fits out and runs the space. What Harvey does today.
Bespoke managed
A provider builds and runs a space just for Harvey, usually on a three-year deal.
Fitted / sublease
Taking over an office another company has already fitted out, usually for about five years.
Mixed option
A direct lease sized for today’s team, with serviced desks added month by month as the team grows. Costed on the brief.
Direct lease
Signing a lease directly with a landlord on empty space and paying to fit it out. Modeled at ten years: per the broker (30 September), a straight ten-year term is the realistic minimum in King’s Cross today, with a year-five break only likely in older buildings.
UK terms and their US equivalents
Fit-out: build-out or tenant improvements. Business rates: the UK property tax, paid by the occupier. Service charge: operating expenses or CAM. Stamp duty: a tax on the lease, charged on rent only; no US equivalent. Rent-free: free rent or abatement. Break: termination option. Sublet: sublease. Grade A: Class A. CAT A: base-building or shell condition, before the tenant’s fit-out. Reinstatement / dilapidations: restoration at lease end. Covenant: the tenant’s credit strength. Superior landlord: the building owner above a subtenant’s landlord. Licence: a short-term permission to occupy, not a lease. Design-and-build: design-build. Scheme: development. Estate: campus. Pre-let: pre-lease. VAT: the UK sales tax, 20%, excluded from every figure.
Runway
Time left on the current deal, reported as 12 to 18 months.
Handover / move-in
The day Harvey occupies whatever comes next; assumed to be month 15.
Costs we can count
Serviced fees, and for leases the rent, service charges, rates and the broker’s fit-out and furniture bands. Not yet counted: utilities, IT, the move, fees and the provider’s extras. Stamp duty is estimated separately.
Price test
The all-in fee per desk at which a lease would cost the same as a serviced office. Below it, stay serviced; above it, price a lease.

The model

Four options, one set of assumptions.

Change any assumption in the panel and every figure, chart and finding updates. These are market benchmarks in pounds excluding VAT, not quotes and not Harvey’s actual costs.

What each option would cost, as far as we can count

Serviced space is costed at the broker’s operator density; the other routes at conventional density. Change “space per desk” in the panel to see both move.

What Harvey does today

Stay in a serviced office (Fora, as now)

Industry term: existing managed

Costs we can count so far · 5 years
£28 to £45 million
Cash needed up front
Need to confirm
Locked in for
2 years · £11 to £17 million committed
Time to move in
1.5–5 months

Not counted yet: extras, exit costs and overages.

Worth testing

Have a provider build and run a private office for Harvey

Industry term: bespoke managed

Costs we can count so far · 5 years
£46 to £64 million
Cash needed up front
Need to confirm
Locked in for
3 years · £27 to £37 million committed
Time to move in
4–10 months

Not counted yet: extras, break costs and overages.

Worth testing

Take over another company’s fitted-out office

Industry term: fitted / sublease

Costs we can count so far · 5 years
£37 to £49 million
Cash needed up front
Need to confirm
Locked in for
5 years · £36 to £48 million committed
Stamp duty (estimate, not in the total)
about £0.4 million
Time to move in
5–7 months

Not counted yet: furniture, IT, utilities, cleaning, the move and fees.

The long-term option

Sign a direct lease (modeled at ten years) and fit it out

Industry term: conventional direct

Costs we can count so far · 5 years
£38 to £51 million
Cash needed up front
£5 to £8 million
Locked in for
10 years · £70 to £91 million committed
Stamp duty (estimate, not in the total)
about £0.6 million
Time to move in
10–15 months

Not counted yet: utilities, cleaning, IT, the move and fees (broker figures requested), and financing.

Read these with care. Figures are for 500 people growing at a steady pace, 15 months left on the current deal and a typical market; on the findings page they follow the assumptions panel. Serviced space is costed at 55 sq ft per desk and the other routes at Harvey’s own standard of 95, per the broker. The broker’s serviced rate works out at £1,250 a desk a month, in line with public asking prices of £1,200–£1,350 for private suites at a King’s Cross serviced building. A lease is taken to start when the fit-out starts, so rates, service charge and part of the rent-free period fall before move-in. The serviced figure includes the fit-out and the running of the building; the lease figures include a fit-out allowance but not utilities, IT, fees or the move. And a ten-year lease keeps costing after this 5-year window: another £38 to £48 million, with the rent held flat and no rent review at year five. Ranges run from a cheap market to an expensive one.

How much cash, and for how long

Cash exposure, counted costs, typical market (£m)
OptionFit-out and furniture, before move-inLease rent and running costs during the fit-outStamp duty (estimate)Committed for the first termStill to pay after the 5-year windowDeposit or guarantee
Stay in a serviced office (Fora, as now)Included. Personalization and furniture upgrades are extra, negotiated with the provider.NoneNot normally. At this size a serviced agreement can be treated as a lease and the provider may try to pass stamp duty through; it should sit with the provider or be negotiated out.£15.4m over 2 yearsNone2–3 months of the all-in fee (about £1 million to £2 million at 500 desks). Usually two; negotiable.
Have a provider build and run a private office for HarveyIncluded in the all-in rate. Bespoke items extra; the provider must be able to re-let the space, so heavy branding is limited.NoneYes: a managed deal is a short-form lease, so stamp duty applies, but on the rent element only, not the all-in fee. The estimate needs the rent share of the rate.£32.6m over 3 yearsNoneAbout 3 months of the all-in fee (about £3 million), depending on covenant (credit) strength and the landlord.
Take over another company’s fitted-out officeDepends on what is there. In our London partners’ experience, an inherited fit-out that “just needs £10 a foot” often ends up costing the same as starting again.£0.2m£0.4m£42.2m over 5 yearsNoneNone if the signing entity shows net profit of 3× the annual rent for three years. Otherwise 6–12 months’ rent plus VAT, the UK sales tax (about £3 million to £6 million before VAT), or a UK bank guarantee or parent-company guarantee.
Sign a direct lease (modeled at ten years) and fit it out£7.1m£1.4m£0.6m£78.5m over 10 years£42.0mNone if the signing entity shows net profit of 3× the annual rent for three years. Otherwise 6–12 months’ rent plus VAT, the UK sales tax (about £3 million to £5 million before VAT), or a UK bank guarantee or parent-company guarantee.

Stamp duty is estimated from HMRC’s published lease bands and is not in the totals. It is charged on rent only, never on business rates (the UK property tax, paid by the tenant), the service charge (the UK term for operating expenses) or an all-in fee: on a managed deal the rent has to be separated from the all-in cost before signing, because once it is paid on the whole figure there is no way to recover it. The lease is assumed to start when the fit-out starts, so rates and service charge run through the rent-free (free rent) period; the broker confirms that as the general assumption. It is negotiable: our London partners have agreed deals where the tenant occupies under license (a short-term permission to occupy, not a lease) for the fit-out (about six months) and the ten-year term starts on completion. Not the norm, but worth pushing for. Not yet priced on the lease routes, broker figures requested: utilities, cleaning and facilities management, IT and security, professional fees, the move. Deposits are market conventions from the broker, not quotes; which Harvey entity would sign, and its covenant (credit strength), decides them. For context only, Harvey’s UK accounts to December 2025 show a refundable deposit of about £0.7 million on the current office.

How the spending adds up over time

Each line is the running total of what Harvey would have paid. The black line climbs before move-in because a direct lease means paying for the fit-out first.

Running total of counted costs by option£0m£20m£40m£60mMove inYear 1Year 2Year 3Year 4Year 5NowProvider-built £57mDirect lease £44mFitted office £43mServiced office £41m

In a typical market, the costs we can count over 5 years run from about £41 million (serviced office) to about £57 million (provider-built). A direct lease needs about £7 million of fit-out before anyone moves in. Every line has costs still to add.

The price test

What does Harvey pay per desk today?

For a ten-year lease to cost the same as staying in a serviced office, Harvey’s all-in fee today would have to be about £1,200–£1,600 per desk per month.

We don’t yet know what Harvey pays. That number turns this into a yes or no.

Below the band, stay in a serviced office. Above it, price a lease. The band compares the costs we can count over 5 years of a ten-year lease; the lease costs not yet counted (utilities, cleaning, IT, fees and the move) would push it higher. “Fee today” means the all-in fee per desk, rising 4% a year. Over the full ten years the band is £1,100–£1,500. If Harvey could shrink and grow its serviced desks to match headcount, the band moves to £1,200–£1,600. Counting only this window’s share of the lease’s rent-free period and fit-out moves it to £1,250–£1,650.

Growth risk

Sign for more desks than you have people, and you pay for empty ones.

The green line is how many people Harvey has. The dashed line is how many desks it would have paid for. The shaded gap is desks paid for but empty.

People against desks paid for200400Move inYear 1Year 2Year 3Year 4Year 5Now75 empty desks at move-inDesks paid for · 500People · growing at a steady pace

If the team grows at a steady pace, about 425 of 500 desks are in use on move-in day. The rest are paid for and empty until the team catches up. Over 5 years, about £0.4 million of lease rent and running costs pays for empty desks (part of the totals above, not on top).

If Harvey could take only the serviced desks it needs each month, it would save about £0.4 million here, and about £6 million if it planned for 700 people who arrive slowly. That depends on the provider allowing it, which is not yet confirmed.

500 and 700 are what-ifs, not forecasts. Buy space for the people you are sure of, not the most you can imagine.

Timing

Building our own office takes as long as the current deal has left.

The current deal is assumed to run out in 15 months. Finding, negotiating and fitting out a direct lease can take all 15 of them, leaving no room for a 2-month safety margin. Start now and keep the serviced office as the fallback. The end date is assumed, not confirmed.

Bar = from starting the search to moving inLine = when the current deal is assumed to end
Stay in a serviced office (Fora, as now)Start within 8 months
1.5–5 mo
Have a provider build and run a private office for HarveyStart within 3 months
4–10 mo
Take over another company’s fitted-out officeStart within 6 months
5–7 mo
Sign a direct lease (modeled at ten years) and fit it outStart now; no contingency left
10–15 mo

When each route has to start

To keep a direct lease as an option, the search has to start now. The latest starts for the other routes are shown below. All dates assume the current deal ends in December 2027, which is not confirmed.

When each route has to start
RouteSearch to move-inLatest start, with a 2-month safety marginIf 12 months are leftIf 15 months are leftIf 18 months are left
Stay in a serviced office (Fora, as now)1.5–5 monthsMay 2027Ready in timeReady in timeReady in time
Have a provider build and run a private office for Harvey4–10 monthsDecember 2026Ready in timeReady in timeReady in time
Take over another company’s fitted-out office5–7 monthsMarch 2027Ready in timeReady in timeReady in time
Sign a direct lease (modeled at ten years) and fit it out10–15 monthsNow (already inside the safety margin)5 more months neededReady in timeReady in time

Timings are what brokers report, not a project plan. Start-by dates include a two-month safety margin.

Basis

What we know, don’t know and think.

What we know

Peter told us Harvey has about 300 desks and 12 to 18 months left. Published and broker benchmarks tell us roughly what each option costs and how long it takes. Nothing specific to Harvey’s contract has been checked.

What we don’t know

What Harvey pays today and what its deal allows, how many people to plan for, what kind of office it wants, any actual offers, and the full cash and tax picture.

What we think

Stay in the serviced office for now and start looking. Try the options where someone else builds and runs the space first. Sign a ten-year lease only if the headcount is certain and the full cost stacks up.

Finance detailCash flows for the selected assumptions

Typical market · 500 people · 95 sq ft per desk in a conventional office, 55 in serviced space · about 48,000 sq ft conventional · move-in at month 15 · 5 years after · discount rate 8% · annual increase 4%. All figures are the costs counted so far, in pounds excluding VAT; every option has costs still to add.

Option economics, counted subset
OptionTotal cashPresent valuePer desk / monthTotal cash, one-offs spread over the termAfter the window
Stay in a serviced office (Fora, as now)
Existing managed
£41.0m£30.8m£1,350SameNone in the initial term
Have a provider build and run a private office for Harvey
Bespoke managed
£56.6m£42.6m£1,900SameNone in the initial term
Take over another company’s fitted-out office
Fitted / sublease
£43.0m£32.1m£1,450SameNone in the initial term
Sign a direct lease (modeled at ten years) and fit it out
Conventional direct
£43.7m£33.6m£1,450£45.4m£42.0m over 4.5 more years
Cash by year
PeriodServiced officeProvider-builtFitted officeDirect lease
Before move-inUnpricedUnpricedUnpriced£6.4m
Year 1£7.6m£10.4m£6.2m£5.1m
Year 2£7.9m£10.9m£8.9m£6.5m
Year 3£8.2m£11.3m£9.1m£8.4m
Year 4£8.5m£11.8m£9.2m£8.5m
Year 5£8.8m£12.2m£9.3m£8.7m

“One-offs spread over the term” counts only this window’s share of a longer lease’s fit-out, rent-free period and end-of-lease costs. Lease rent is held flat for the whole term; a year-five rent review is not priced. Shorter terms (serviced, provider-built and fitted) are assumed to continue on the same terms to fill the window; that is a modeling assumption, not a right. VAT is excluded and its recoverability is unconfirmed. The discount rate is a sensitivity, not Harvey’s hurdle rate.

Sources and input registerEvidence dates and every numerical input

Evidence and scope

Harvey planning discussion

2026-09-21 · Reported · London capacity, flexibility and finance audience

Approximately 300 current desks; 12–18 months reported runway. 500/700 are stress cases, not approved forecasts.

Unattributed broker market input

2026-09-24 · Reported · Route guide, timing and cost assumptions

Directional written market input; availability and cost inputs were not refreshed. No transaction examples are reproduced. Not a quote.

Resource scenario method

2026-09-25 · Assumption · Common area, demand curves and cash-flow convention

Modeling choices, not Harvey policy. Cash is discounted monthly to the planning date. No probabilities or forecasts are assigned.

Broker review call, 30 September 2026 (Resource and the London broker)

2026-09-30 · Reported (verbal) · Lease term and start, deposits, stamp duty treatment, fit-out inclusions, timing caveats

The broker walked the brief with Resource and confirmed the lease-start convention, a straight ten-year term as the realistic minimum, deposit conventions, stamp duty treatment on serviced and managed agreements, and that fit-out on serviced, provider-built and fitted routes is not usefully quantified in advance. Verbal; no figures replace priced inputs.

Broker follow-up requested 27 September 2026 (via Resource)

2026-09-27 · Need to confirm · Running costs, one-off costs, space basis and lease timing

Asked of the broker; figures will replace these gaps when they arrive. No Resource estimate is substituted in the meantime.

Private / property-specific inputs not supplied

2026-09-25 · Need to confirm · Actual terms, program, tax and complete capital budget

No executed agreement, approved forecast or property-specific offer underlies this model.

Superseded inputs

Inputs replaced on 27 September 2026 when the broker’s figures were adopted throughout. Kept for the record; not used in any calculation.
InputPreviouslyNowWhy
Space per person8 / 10 / 12 m² per person (86 / 108 / 129 sq ft), same area for every route
Resource assumption
Conventional 90 / 95 / 100 sq ft per desk; serviced 50 / 55 / 60
Broker, 24 September 2026
Broker reports operator density at roughly half a conventional office. Same-area assumption overstated serviced cost by 60–70%.
Own-lease fit-out capital£148 / £243 / £359 per sq ft
Cushman & Wakefield UK Office Fit Out Cost Guide 2026, London table
£110 / £150 / £170 per sq ft (fit-out plus furniture and AV; dilapidations separate at £25)
Broker Bronze / Silver / Gold bands, 24 September 2026
Broker figures adopted for consistency with every other input. C&W is broader in scope (M&E, fees, contingency); the difference is £3–5m over five years at 500 desks and is kept as a sensitivity.

Input register

One numerical source for every scenario
InputValue / unitStatus / sourceTreatment
baseSeats300 desksReported
Harvey planning discussion
Used as the starting peak-occupant proxy; actual peak attendance is unknown.
conversion10.7639104167 sq ft per m²Derived
Resource scenario method
Unit conversion; presentation rounds areas to the nearest 1,000 sq ft.
vat0.2 potential VAT rateReported
Unattributed broker market input
Rate used in supplied screen, not a tax opinion; taxable scope and recoverability unknown.
buffer2 monthsAssumption
Resource scenario method
Planning contingency added to the longest reported delivery path.
leaseStart"works start" conventionReported (verbal)
Broker review call, 30 September 2026 (Resource and the London broker)
A lease is taken to start when works start, so rent-free, rates and service charge run through the fit-out and the term counts from signing. The broker confirmed this as the general assumption on 30 September. Negotiable: the broker has agreed deals where the tenant occupies under license for the fit-out (about six months) and the ten-year term starts on completion; not the norm. Whether any empty-property rates relief applies during works is Need to confirm.
deposits.managed[2,3] months of the all-in feeReported (verbal)
Broker review call, 30 September 2026 (Resource and the London broker)
Serviced office: usually two months of the all-in fee, sometimes three; negotiable.
deposits.bespoke3 months of the all-in feeReported (verbal)
Broker review call, 30 September 2026 (Resource and the London broker)
Provider-built: more likely three months of the all-in fee, depending on covenant strength and the landlord.
deposits.lease[6,12] months of rent plus VATReported (verbal)
Broker review call, 30 September 2026 (Resource and the London broker)
Fitted office and direct lease: none if the signing entity shows net profit of three times the annual rent for the preceding three years; otherwise six to twelve months of rent plus VAT, aiming for six. A UK bank guarantee (a UK branch of a US bank is acceptable) or a parent-company guarantee can replace it; landlords are wary of a US-domiciled parent.
deposits.covenantTest3 times annual rent, net profit, three yearsReported (verbal)
Broker review call, 30 September 2026 (Resource and the London broker)
The usual test for waiving a lease deposit. Which Harvey entity would sign is Need to confirm.
sdlt.bands[[150000,0],[5000000,0.01],[null,0.02]] NPV upper bound / rateConfirmed
HMRC, Stamp Duty Land Tax: non-residential lease rent (NPV) bands; Finance Act 2003 Sch 5 paras 3 and 8
Non-residential lease rent bands.
sdlt.discount0.035 per yearConfirmed
HMRC, Stamp Duty Land Tax: non-residential lease rent (NPV) bands; Finance Act 2003 Sch 5 paras 3 and 8
Statutory temporal discount rate.
servicedPerDeskCheck[1221,1294,1367] GBP per desk per monthReported
Public asking prices, private suites in a King’s Cross serviced building
Asking prices for 43-, 67- and 109-desk suites; overlapping configurations, do not sum. Tests that the serviced benchmark at 50–60 sq ft per desk lands at a realistic per-desk level.
leaseExtras.utilitiesNeed to confirm Need to confirm
Broker follow-up requested 27 September 2026 (via Resource)
Utilities (energy, water).
leaseExtras.cleaningFMNeed to confirm Need to confirm
Broker follow-up requested 27 September 2026 (via Resource)
Cleaning, facilities management and reception beyond the service charge.
leaseExtras.itSecurityNeed to confirm Need to confirm
Broker follow-up requested 27 September 2026 (via Resource)
IT, AV infrastructure and security beyond the furniture and AV allowance.
leaseExtras.feesNeed to confirm Need to confirm
Broker follow-up requested 27 September 2026 (via Resource)
Professional fees: legal, agency, project management.
leaseExtras.moveNeed to confirm Need to confirm
Broker follow-up requested 27 September 2026 (via Resource)
The move itself and any overlap with the current space.
mixed.core300 desksAssumption
Resource scenario method
Own lease sized for today’s reported ~300 desks; growth above it in serviced space. Whether the provider allows desks to be added and shed month by month is Need to confirm.
programs.efficient90 sq ft per deskReported
Unattributed broker market input
Low end of the reported conventional band (90) and serviced band (50).
programs.balanced95 sq ft per deskReported
Unattributed broker market input
Midpoint of the reported conventional band (95) and serviced band (55). 500 desks ≈ 47,500 sq ft conventional.
programs.quality100 sq ft per deskReported
Unattributed broker market input
High end of the reported bands (100 / 60). Area alone does not guarantee quality.
arrivals.fast[12,24] months to 500 / 700Assumption
Resource scenario method
Illustrative high-speed growth, not a forecast.
arrivals.base[24,36] months to 500 / 700Assumption
Resource scenario method
Illustrative central growth, not a forecast.
arrivals.slow[36,48] months to 500 / 700Assumption
Resource scenario method
Illustrative slower growth, not a forecast.
finance.discount[6,8,10] % per yearAssumption
Resource scenario method
Sensitivity rates, not Harvey WACC or an accounting discount rate.
finance.escalation[3,4,5] % per yearReported
Unattributed broker market input
Managed fees and non-rent costs compound annually. Lease rent held flat; reviews/renewals unpriced.
finance.capitalSchedule[[0,0.2],[0.5,0.5],[1,0.3]] progress / fraction of capitalAssumption
Resource scenario method
Illustrative staged fit-out spend from works start to handover.
finance.currentManagedPriceNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Harvey’s actual Fora price, services and current-period cash flow.
finance.taxRecoveryNeed to confirm Need to confirm
Private / property-specific inputs not supplied
VAT recoverability and taxable scope.
finance.collateralNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Deposits / guarantees; cash and collateral, excluded from economic cost. Context only: Harvey’s UK accounts to December 2025 show a £691,258 refundable deposit on the current office.
finance.balanceSheetNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Accounting lease liability and right-of-use asset need actual terms and finance review.
routes.managed.rate[190,275,300] GBP / sq ft / yearReported
Unattributed broker market input
Serviced benchmark, applied at serviced density (50–60 sq ft per desk); 275 is the source screen case. Whether the broker’s rate was quoted on that area or on a conventional-equivalent area is Need to confirm. Not Harvey’s current price; not retail desk pricing.
routes.managed.term2 yearsReported
Unattributed broker market input
Reported minimum enterprise term used as a scenario, not guaranteed flexibility.
routes.managed.lead[1.5,5] monthsReported
Unattributed broker market input
Search/legals plus alterations.
routes.managed.capitalNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Incremental customization, security, move and fees; standard fit-out is included in bundle.
routes.managed.exitNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Notice, exit fee, reinstatement and contraction rights.
routes.managed.serviceGapNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Enterprise service limits, meeting/event overages and separate Harvey requirements.
routes.bespoke.rate[180,220,250] GBP / sq ft / yearReported
Unattributed broker market input
Managed route guide; 220 is the source screen case. Costed at Harvey’s own conventional space standard because the broker describes the provider building to the occupier’s specification; whether the rate was quoted on that area is Need to confirm (at serviced density this route would be the cheapest). Named historic transaction values are excluded.
routes.bespoke.term3 yearsReported
Unattributed broker market input
Reported minimum enterprise term; early breaks and amortization unknown.
routes.bespoke.lead[4,10] monthsReported
Unattributed broker market input
Search/legals and provider-delivered fit-out.
routes.bespoke.capitalNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Tenant extras beyond provider-funded delivery, fees and move.
routes.bespoke.exitNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Break rights, unamortized fit-out repayment and end obligations.
routes.bespoke.serviceGapNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Enterprise service scope and overages.
routes.fitted.rate[100,125,150] GBP rent / sq ft / yearDerived
Unattributed broker market input
Reported landlord-fitted endpoints, with arithmetic midpoint. Sublease opportunities may differ; the low-priced single-property example is excluded.
routes.fitted.term5 yearsAssumption
Resource scenario method
Five-year comparison term, no exercised break. Actual sublease term may be shorter.
routes.fitted.lead[5,7] monthsReported
Unattributed broker market input
Search/legals plus limited alterations.
routes.fitted.works1 monthsReported
Unattributed broker market input
Approximately 1 month of alterations if required; the lease is taken to start then.
routes.fitted.incentive[1.5,1.25,1] rent-free months / year certainReported
Unattributed broker market input
Applied to first term only; fractional months prorated. No post-break incentive assumed.
routes.fitted.capitalNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Reuse, alterations, furniture, AV/IT and other opening costs; not zero.
routes.fitted.exitNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Source says minimal but another source row uses 25/sf; no silent selection.
routes.fitted.serviceGapNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Utilities, cleaning, FM, IT/security, move, professional fees, SDLT and overlap.
routes.direct.rate[90,110,140] GBP rent / sq ft / yearReported
Unattributed broker market input
CAT A rent-only guide; 110 is the source screen case.
routes.direct.term10 yearsReported (verbal)
Broker review call, 30 September 2026 (Resource and the London broker)
Ten-year term with no break: the realistic minimum for a new or Grade A building in King’s Cross today, per the broker on 30 September. A year-five break is only likely in an older building, and the fit-out needs the full ten years to amortize. This is not a five-year break case.
routes.direct.lead[10,15] monthsDerived
Unattributed broker market input
D&B 10–12; search/legals 4–6 plus traditional works 9 gives 13–15. Actual sequence unconfirmed.
routes.direct.works6 monthsReported
Unattributed broker market input
D&B works period used to stage capital, not a confirmed project schedule.
routes.direct.incentive[2.4,2.2,2] rent-free months / year certainReported
Unattributed broker market input
Ten-year firm term. No conditional year-five break incentive is accelerated.
routes.direct.capital[110,150,170] GBP / sq ftReported
Unattributed broker market input
Broker Bronze / Silver / Gold fit-out plus furniture and AV: 80+30, ~110+40, 120+50. Excludes IT, fees, move and contingency. Superseded the C&W published table on 2026-09-27; see superseded.
routes.direct.exit25 GBP / sq ftReported
Unattributed broker market input
Reinstatement at term expiry (ten years from lease start), not at the five-year comparison cutoff.
routes.direct.serviceGapNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Project scope gap, utilities, cleaning, FM, specialist IT/security, move, fees, SDLT, overlap and financing.
leaseOpex.rates40 GBP / sq ft / yearReported
Unattributed broker market input
Separate non-rent cost; not assumed VAT-taxable.
leaseOpex.service17.5 GBP / sq ft / yearReported
Unattributed broker market input
Service charge only; not a complete FM/utility budget.
leaseOpex.estate2 GBP / sq ft / yearReported
Unattributed broker market input
Directional estate charge.
leaseOpex.insurance1.25 GBP / sq ft / yearReported
Unattributed broker market input
Directional insurance / other cost.
continuationtrue scenario switchAssumption
Resource scenario method
To fill a 5/10-year occupancy window, shorter terms continue on the same modeled rent basis without new incentives. This is a forecast assumption, not a renewal right. Rent resets, renewal capital and exit costs stay unknown.
interimCostNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Current managed cost and any pre-handover extension, swing space or double rent.
fullyLoadedTcoNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Every route has unresolved required costs. Never describe the modeled subset as full TCO.
paybackNeed to confirm Need to confirm
Private / property-specific inputs not supplied
Payback requires Harvey’s actual managed baseline and a complete incremental budget.
Advisory and compensation statusNo appointment or fee arrangement is established by this page

This is a planning discussion, not an instruction to transact or appoint Resource. No Harvey-specific compensation arrangement is evidenced in the supplied material. Any proposed role, payer, fee and differences by option must be disclosed in writing before an appointment or transaction recommendation. This analysis creates no obligation to choose Resource or pursue a transaction.

Start looking now and keep the serviced office as the fallback. Nothing gets signed until the headcount, the contract terms and the full costs can be compared.