Challenge – our instruction was to deal with the rent review on behalf of the tenant
- Our instruction was to deal with the rent review on behalf of the tenant.
Rent Review effective 24 June 2008, Landlord (represented by local firm of surveyors) quoted a revised rent of £38,500 per annum against a passing rent of £30,000 per annum.
- Colliers International advised the client that based on market evidence they should expect an increase in the rent however, due to careful, tactful negotiations we were able to successfully argue for discounts to reflect the length of the term to be assumed and the size of the unit coupled with a management discount in respect of a first floor flat.
- Rental valuation undertaken of the ground floor in addition to incorporating the residential flat above.
- Detailed negotiations undertaken with the landlord’s surveyor.
- Nominal uplift achieved against background of rising Zone A rates.
- Annual saving of approximately 25%.
- As a result we were able to achieve a reduced uplift in the rent of only £1,000 per annum resulting in a saving over the remaining term of £37,500. The reduced rent represents an annual saving of 25%.