The decision follows an extensive search for alternative office premises and detailed negotiations, culminating in SMS’s commitment to remain in its current location, which encompasses over 18,000 sq ft on the 2nd and 3rd floors.

The strategic decision to regear the lease rather than relocate was made after considering the building’s excellent central location, which is highly valued by the staff, and the improvement works proposed by the landlord Pontegadea.

Craig McGinn, general counsel and company secretary at SMS, said: “Having looked at a number of alternative locations we decided that for business continuity remaining in situ was the best decision.

“We agreed with our landlord improvement works that would benefit our occupation and support our staff to create the best environment in a central location which they enjoy.”

Gillian Giles, partner at Ryden, who represented Smart Metering Systems in this transaction, added: “After our comprehensive market assessment and meaningful discussions with the landlord, it became clear that SMS’s best course of action was to continue their tenure at 48 St Vincent Street.

“We are proud to have assisted SMS through these pivotal negotiations, ensuring their needs are met through planned property improvements.”

Savills acted for the landlord Pontegadea.