We were instructed to act on behalf of the tenant of three central London office buildings located in W1, EC2 & WC2 with rent reviews due in 2020. The offices were constructed to a grade A specification, with varying floor areas of:
- 60,000 sq ft
- 72,000 sq ft
- 100,000 sq ft
The passing rents prior to the reviews totalled £12,950,000 p.a. and the landlords’ quoting rents of over £17,000,000 p.a. equated to an increase in excess of £4m per annum.
In each case we inspected and measured the properties and provided our client with our opinion of value based upon market evidence. Following negotiations with the landlord’s advisor in respect of each building, we were able to reach negotiated settlements of all reviews at rents totalling £14,250,000 pa.
This showed substantial savings for our client of £2,750,000 pa over the three reviews.
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