GREAT SCOTT, WE'VE DONE IT AGAIN!
CLIENT BRIEFOur 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…
CLIENT BRIEFOur 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.
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 and to involve our specialist lawyers. OUR PROFESSIONAL APPROACHAs part of our investigations, we investigated every property in the street, the leasing situation and the all rental evidence. We also conducted an extensive search of restaurant evidence throughout the West End although we were already in possession of most of it - some not helpful!
Our opinions, arguments, rental valuations carefully assembled and argued, eventually won the day. THE SUCCESS STORYIn the end, all the hard work was worth it. The result was a revised rent at some 30% below the landlord’s proposed rent and approximately 20% below the landlord’s highest retail rental levels being achieved shortly thereafter. Not quite ‘cheap as chips’ but a very tasty outcome for Scott’s.
This review was also vital due to its potential impact on the business rates assessment under the forthcoming Revaluation in 2017.
It was also an important result for our client’s other business interests Mayfair, some of which are exposed to rent reviews.
Resulting from our efforts, we are now in discussions with the landlord to extend the lease on preferential terms—Back to the future 2-016!