Project
We were instructed to act on behalf of the tenant, a car servicing and repair company, in respect of a rent review of their 12,500 sq ft car repair workshop in Bury St Edmunds. The passing rent prior to the rent review was £56,000 and the landlords new quoted rent of £96,400 p.a, equated to an increase of £40,400 per annum.
Approach
Following extensive negotiations and both parties failing to reach an agreement, the case was referred to an Independent Expert to determine.
Our team prepared submissions and counter submissions on the tenant’s behalf, which resulted in a revised rent in favour of our client.
Results
The new rent was determined at £70,000 and our client achieved a 27.5% decrease from the initial quote.
