Large Office in Halifax
Background Wignalls instructed to undertake an assessment of the Market Rental Tenant currently “holding over” on previous agreement. Landlord has proposed new terms. NHS organisation requires Market Rent assessment and scrutiny of the proposed terms. Wignalls provided a Market Rent valuation to support the new rental. Key data: Address: Halifax Landlord: Corporate Landlord Tenant: NHS Organisation Event: Market Rent Assessment to enable lease negotiations Settlement Negotiations concluded and comparable evidence discussed 2020 Rent Review provisionally agreed at £215psm (Landlords offer £230psm) Lease Renewal provisionally agreed at £228psm (Landlords Offer £270) 2020 review – negotiations provided a saving of £15,000 per annum or £75,000 of “back rent” over the last 5 years up to the end of the lease. 2024 Lease Renewal – terms agreed. Providing a saving of £350,000 over the term of the new lease.
CAMS Unit in London
Background Wignalls instructed on 2 events – 2020 rent review & 2025 Lease Renewal. Wignalls acting on behalf of the Trust (Tenant). Landlord had appointed representation Instructions were to minimise the rent as much as possible, mitigating the Trust liability. Key data: Lease: 10 years with effect 2015 Savings for 2020 rent review: £15,000pa and £75,000 back rent over the last 5 years Savings for the 2024 Lease Renewal: £350,000 over the term of the new lease. 2020 Rent Review 2025 Lease Renewal Passing Key points Hypothetical term at review of 10 years to be applied 2020 Rent Review – landlord unwilling to agree NIL increase at review with Market Rent at renewal. Agents initially proposed £230psm equating to an 101.2% 2025 Lease Renewal – Agents proposed £270psm equating to an increase of 143% Settlement Negotiations concluded and comparable evidence discussed 2020 Rent Review provisionally agreed at £215psm (Landlords offer £230psm) Lease Renewal provisionally agreed at £228psm (Landlords Offer £270) 2020 review – negotiations provided a saving of £15,000 per annum or £75,000 of “back rent” over the last 5 years up to the end of the lease. 2024 Lease Renewal – terms agreed. Providing a saving of £350,000 over the term of the new lease.
