The million-pound incentive from NovaLoca and ReLease

NovaLoca is proud to announce its involvement with the ReLease initiative recently announced by Lloyds Banking Group. The bank has appointed CB Richard Ellis to assist in the disposal of 500,000 sq ft of office space across the UK spread between around 400 properties. NovaLoca is handling the data that populates the ReLease website – – enabling you to find relevant properties quickly and easily.

The programme includes up to £1 million of incentives, to be paid to agents as finder’s fees and to tenants as cashback payments.

Lloyds says most of the properties in this “innovative, integrated leasing programme” are suited to SMEs – which, it points out, is the sector currently most in need of help in meeting its property requirements. “The majority of our properties are in town-centre locations, most are less than 5,000 sq ft and nearly all benefit from flexible lease lengths,” Lloyds says.

The bank is clearly very keen to get tenants into these properties as quickly as possible – it has pledged to sort out the paperwork on ReLease transactions as quickly as possible, with a legal team dedicated to the task. While most of the available office space is in good condition and ready to occupy, it is also ready to make fit-out costs part of a rental agreement. Lloyds is also prepared to consider short leases, from three months upwards.

Visitors to can view properties on a map, and also use Google Streetview and Bing Bird’s Eye. Users can contact agents through the portal to arrange viewings and obtain further information. In addition to the cash incentives, there is a monthly prize draw for agents who accompany a prospective tenant on a viewing of a property in the portfolio.

“We have tried to make it as easy as possible to get these properties let, and for the leasing agents to earn their commission as quickly as possible. We have worked hard to get a compelling package together so all acquiring agents and tenants understand just how simple and cost-effective it is to sub-let space from Lloyds Banking Group,” the bank says.