Strategic Property Portfolio Review

The challenge

As a national rail operator with a diverse, leased estate, CrossCountry Trains required a clear, strategic understanding of its property portfolio. This included visibility over lease terms and liabilities, a robust approach to upcoming lease renewals, and assurance that property considerations were appropriately embedded within wider procurement and governance processes.

What we did

We were instructed to undertake a strategic review of CrossCountry’s entire leased property portfolio, providing both detailed technical advice and senior-level strategic input.

Our role included:

• Reviewing all existing lease documentation and creating a comprehensive database capturing key terms, liabilities, and renewal profiles
• Advising on overall property strategy, including priorities and approach for upcoming lease renewals
• Leading ongoing negotiations with Network Rail and private landlords to agree Heads of Terms for lease renewals
• Preparing a clear, structured report for the Board, setting out:
• The current position of the property portfolio
• Reviewing existing procurement arrangements and developing a dedicated property procurement procedure for integration into the wider Procurement Policy
• Providing ongoing general property advice to support operational and strategic decision-making

Why it worked

• Clear portfolio visibility: A single, structured lease database enabled efficient management and informed decision-making
• Risk-led strategy: Early identification of exposures and liabilities allowed proactive mitigation rather than reactive management
• Stronger governance: Embedding property considerations within procurement processes improved consistency, control, and compliance
• Commercial outcomes: Structured lease renewal negotiations delivered clarity on future obligations and strengthened landlord relationships
• Board-level insight: Clear, concise reporting supported strategic oversight and long-term planning