US Head Office To Relocate
Submitted to: Religious Groups 
Posted: February 27 2007

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February 27 2007 (Jewswire.com) - The United Synagogue is delighted to announce that it is in the process of acquiring a building which over time will house its Head Offices, the Office of the Chief Rabbi and Tribe. The freehold property, Solar House, is a 13,500sq ft building located 250 metres from Adler House, on Tally Ho Corner North Finchley. The purchase price is £3.6m.

At present, Solar House is fully let and the US, as the new landlord, will receive rental income from the present tenants. Over the next few years, as the leases end or as space otherwise becomes available, the US will gradually take up occupation for its own use, and has acquired a sub lease to allow it to use the second floor in the short term.

The relocation plans are expected to show an overall saving in Head Office space requirements and costs.

During the past two years, the US has been through a rigorous process of assessing its Head Office requirements conscious that the current lease held at Adler House expires this year. A full Staff Consultation took place about the working environment and careful consideration has been given to the need to provide disabled access a lift and parking. Agents were instructed and a number of sites in the North London area were viewed, before Solar House was identified. The building has of course been thoroughly surveyed and formally valued by the bank, and detailed guidance has been received on all aspects of the purchase from our external professional advisors.

The US believes that Solar House will fulfil the necessary requirements and has been acquired at a competitive price. In the initial period the rental income will largely cover the interest costs. When the US takes up full occupation of the building, the interest payable on the purchase price will be equivalent to a competitive rental level. The acquisition of the freehold however gives the significant additional advantage of any uplift in the capital value over time.

US Chief Executive, Rabbi Saul Zneimer commented, “We are very pleased that our intensive research has resulted in our acquiring a new building that will really fit our needs. Solar House is a good, user friendly building, with disabled access and has been acquired at a competitive price. I am confident that members, visitors and staff will agree that this is an excellent move for the United Synagogue.”

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