Challenge
We were instructed to act for the landlord in respect of the rent review of this substantial ground floor and basement restaurant with four floors of offices above, located just off Leicester Square in central London.
Solution
Extensive negotiations took place between ourselves and the tenant’s advisor looking in detail at numerous transactions around Leicester Square by way of comparison. When it became clear that the matter could not be agreed amicably we advised referral to Arbitration for which we prepared Reports and Replies.
Results
We were successful obtaining an Award which increased the rent from £750,000pa to £1,097,000pa and all costs were also awarded in our client’s favour. We subsequently negotiated the surrender of the lease of the whole and secured the re-letting of the restaurant, giving our client an increased rent of just over £1,700,000 pa.
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