Head Office Found
For a major Japanese company we found a corporate head office close to Heathrow. Working with the client’s solicitors we obtained a substantial rent free period and favourable lease terms. We also advised that dilapidations were not valid for the premises being vacated.
Lease Renegotiation for Mitsubishi
A rent reduction and a 6 months rent free period was negotiated on behalf of Mitsubishi Electric Europe GmbH in exchange for removing the tenant’s option to break the lease.
The rent reduction equated to £33,109 per annum, but with the rent free period added in the reduction becomes £51,870 per annum, saving the clients £259,353 over 5 years.
Rent Review Success
The Cai Restaurant in London was paying a rent of £33,800 per annum. The landlords demanded a rent at review of £55,800 per annum.
Following Arbitration, we secured a NIL increase for the tenant so the rent stayed at £33,800 per annum and also obtained costs against the landlords for the Arbitration including the Arbitrator’s fees and our extra fees for preparing the case for Arbitration, saving the clients £110,000 over 5 years.
Howard Hunt (City) Ltd – Rent Review
A large industrial premises occupied by Howard Hunt (City) Ltd, where the rent passing was a complicated formula which the Landlords sought to increase by 12%.
We were able to prove to the Landlords that there were no grounds for an increase in rent and settled at a NIL increase, saving the clients £232,181 over 5 years.
Office Merger and Relocation
The Recruitment & Employment Confederation had offices in Central London and Woking and wished to merge the two premises at the lease end. The first difficulty was that the two leases ended 6 months apart. We negotiated with the London landlords for an extension to this lease with a rolling tenant’s option to break the first date coinciding with the expiry of the Woking lease.
After a market search terms were agreed on premises close to Waterloo Station, suiting staff at both the old locations. Budgetary concerns being important to the client, the terms included a rent of £28 per sq ft exclusive and a rent free period, to follow a Landlords refurbishment, of 16 month, a saving of £376,842.
Lease Renegotiation Success
For Blueprint Financial Services we negotiated a rent reduction in return for removing the Tenant’s break options in the leases of each of two floors within their City of London Office Headquarters.
On the upper floor the rent was held at the passing level, but a rent free period of 9 months was granted, saving £115,537.
The Lower Ground floor rent was reduced by 23% and a rent free period of 18 months granted saving £244,675.
Industrial Estate Lease Renewals
Acting for several tenants on the Britannia Industrial Estate, Poyle, Middlesex’ over many years dating back to the first rent reviews on the units in the 1970’s. At the expiry of the 25 year leases we represented several tenants wishing to renew.
Rents were proposed at 13 per sq ft. We reduced the rents to just £10 per sq ft and obtained Tenants Options to break the leases during the term.
Most important of all were the terms of the Break Clause, which we were instrumental in negotiating to the tenant’s advantage.
Substantial savings and flexibility was attained for the tenants.
Landlords Benefit on Rent Review & Lease Renewal
This was a case of a Client acquiring a property at Auction, including a shop and flat above all let to Lloyds Pharmacy, with an outstanding historic rent review.
We acted for the Landlord to resolve this and ultimately increased the rent by nearly 50% through Arbitration and were awarded the costs by the Arbitrator.
The lease then came up for renewal and we concluded negotiations to allow the landlords to obtain the back land for redevelopment and excluding the upper part flat, thus releasing additional value to the Landlords.
We advised on all aspects of the transaction including the need for Dilapidations in this case.
Assisting Architects to Plan for the Future
A major firm of Architects had signed a lease for 25 years on a property before the recession hit. The rent was at approximately £1.5m per annum exclusive and the tenant spent over £3m on alterations and fit out.
The recession hit hard and the rent was not sustainable and the space significantly too big for their needs.
We negotiated a payment of just over 1 years rent equivalent to surrender those parts of the building now surplus to requirements, whilst retaining a much smaller element for the tenant.
Trouble shooting for Scottish Consumer Council
We were called in to trouble shoot a claim against the Scottish Consumer Council, where their very existence was threatened by a claim for building works as part of their service charges. This was equivalent to over 10 times their annual rent on the premises. We negotiated a lease surrender and helped find them new premises in Glasgow.
Swire Maples acted for QAS Ltd (now part of Experian), advising on relocation, valuation and rent/lease negotiations for their offices throughout the UK. This included relocating their offices in London, Edinburgh and Manchester. We also dealt with all aspects of property advice and co-ordinated the work of architects and project managers during a multi-million-pound refit of their head office.