RENT REVIEWS & LEASE RENEWALS
The Savoy Stewart Professional Services team provides advice on a nationwide basis dealing with retail, office and industrial property. We provide comprehensive advice and a high level of expertise on the following:
Rent review and Lease renewal negotiations
We advise on the validity of notices, the effect on rent of lease terms, improvements, service charge requirements and dilapidations liabilities.
Our approach ensures we closely monitor current market trends, Royal Institution of Chartered Surveyors' guidelines and all the latest case law and legislation. Our knowledge is the reason we achieve success in property negotiations.
Arbitrations and independent expert proceedings
As well as acting as Expert Witnesses in Court proceedings, we can provide general advice, prepare reports and give expert evidence at Arbitration and Independent Expert proceedings acting for both Landlords and Tenants.
Valuations
We undertake valuations for asset purposes, loans, probate and taxation on commercial and residential property. These are undertaken in accordance with professional and regulatory standards. We will also provide rental valuations.
Square One
St John's Wood High Street, London NW8
Savoy Stewart acted on behalf of the tenant Square One.
The landlords sought a revised rental of £71,000 per annum.
As a negotiated settlement could not be concluded the matter was referred to an independent expert.
The expert set a rent of £65,850 per annum. As this was only £100 more than we had previously offered to settle at, the landlords also had to pay the Expert's costs.
The Alan Cristea Gallery
Clifford Street, London W1
Savoy Stewart acted on behalf of the tenant The Alan Christea Gallery.
The landlords sought a revised rental of £168,000.
As the landlords could not be persuaded to a sensible settlement, we advised our clients to refer to an independent expert.
The expert awarded £88,000 being a little over half of the rent the landlord sought!
Confidential Client
Cork Street, London W1
Savoy Stewart acted on behalf of the tenant.
The landlords sought a revised rental of £145,000.
We contended there should be no increase from the rent passing of £105,000.
The landlord's agents agreed to recommend the landlords settle at no increase from the current rent.
The MOLE Clinic
Argyle Street, London, W1
Savoy Stewart acted on behalf of the tenant.
The landlords sought a revised rental of £145,000.
We contended there should be no increase from the rent passing of £105,000.
The landlord's agents agreed to recommend the landlords settle at no increase from the current rent.
Josef Seibel
Neal St, Covent Garden, London, WC2
Savoy Stewart acted on behalf of the Tenant with regards to a rent review effective from September 2013
The Landlords sought a revised rent of £190,000 per annum, a 36% increase from the existing rent of £139,950 per annum
A negotiated settlement was reached at a figure of £147,000 per annum representing just a 5% increase.
FARA Estates
The Broadway Southall, Middlesex, UB1
Savoy Stewart acted on behalf of the Landlord of this property occupied by Barclays Bank.
A negotiated settlement was agreed with Barclays on the basis of a new ten year lease. The rent was increased by £33,000 per annum to £170,000 per annum.
West London College
Manchester Street, London, W1
Savoy Stewart acted on behalf of the Tenant, West London College/ British Study Centres, against Marks & Spencer Plc, with regards to various rent reviews effective from December 2011 on circa 24,000 sq ft of D1 accommodation.
The landlord was originally seeking a rent approaching £1,000,000 per annum.
A negotiated settlement was reached at an overall rent of £600,655 per annum the equivalent of circa £25 per sq ft
