FINE CATCH

CLIENT BRIEF

Our client, a well-known restaurant operator that occupies this well-known fish restaurant faced an extremely complicated rent review in which the premises had to be valued to the higher of retail or restaurant use. The client was faced with a huge increase with the landlord proposing a revised rent equating to 222% of the passing rent. The landlord relied on substantial rental growth in the area and it was soon apparent that only the most robust of negotiations would succeed. It was further apparent, that by sticking to our honest opinions and doing the best for our client, there was no option but to refer the matter to arbitration. To further complicate matters the landlord raised a legal issue upon which we had to take legal advice via direct access to the bar. As part of our investigations, we investigated every property in the street, the leasing situation and the rental evidence appertaining. We also conducted an extensive search of restaurant evidence throughout the West End although we were already in possession of most of it. Extensive evidence was put before the arbitrator with our opinions, arguments, rental valuations. In the end, all the hard work was worth it. The result was a revised rent at some 40% below the landlord’s proposed rent and one that was approximately 20% below the landlord’s highest retail evidence and 30% below rental levels achieved shortly thereafter.

This review was also vital due to its potential impact on the rating assessment under the latest valuation list Furthermore, we achieved rates reductions for our client and other clients in the street resulting from the pavement works undertaken in the street. It was also an important result bearing in mind the potential knock-on effect upon our client’s other business interests in close proximity to the premises. Resulting from our efforts, we are now in discussions with the landlord to extend the lease on preferential terms bearing in mind that our client is now paying a rent which is much less than current rental levels.

OUR PROFESSIONAL APPROACH

Rent Reviews Expert Witness work – arbitration Rating Corporate Real Estate Services

THE SUCCESS STORY

To secure a result substantially below prevailing rental levels. Enhancing the value of our client’s leasehold interest. Obtain notable rates reductions. Protect our client's interests.