Rent Review Advice for International Marketing Firm

 

Challenge

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.

Solution

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.

Results

This showed substantial savings for our client of £2,750,000 pa over the three reviews.

Contact us today to speak to lease advisory expert.

“Our industry leading Lease Advisory team support tenants approaching key milestones in their lease by advising on fair rental values, renewal terms or the approach to terminating a lease and ensuring a complient and cost effective exit.”

Javid Patel
Director