Below are some examples of commercial property lease renewal, rent review deals completed on behalf of clients.
Problem: European LLP with lease expiry.
Solution: Lease re-gear.
Result: Reversionary Lease renewal negotiated on behalf of tenant.
Savings: Large rent free.
Problem: Law firm with lease expiry.
Solution: Lease re-gear and negotiation.
Result: New lease on another floor.
Savings: Large rent free and large capital contribution
Problem: Property surplus to clients requirements but with unexpired lease term.
Solution: Early surrender negotiated and new letting lined up.
Result: Deed of surrender completed at Nil premium and no dilapidations.
Savings: In excess of £22,000 plus VAT.
Bath – Office
Problem: Subtenants sublease coming to an end.
Solution: Direct lease negotiation with Head landlord.
Result: New lease terms agreed at a lower rent.
Savings: 50% saving over quoted rent.
Bristol- Retail Parade
Problem: High occupancy costs, long lease with no break options.
Solution: Deed of variation negotiated with landlord.
Result: Downward rent review with annual saving for remainder of lease.
Savings: Minimum £3,200 per annum for remaining 10 years of the lease. Total £32,000 plus VAT.
Bridgewater- High Street Retail
Problem: Landlord unwilling to agree permanent alterations to long lease with high occupancy costs and no break options.
Solution: Temporary rent reduction.
Result: £2,000 reduction in rent for 12 months.
Savings: Total £2,000 plus VAT.
Central Bristol -Retail
Problem: High occupancy costs, Long Lease with break option.
Solution: Variation negotiated with landlord reducing annual rent.
Result: £5,500 reduction in rent for remainder of lease term.
Savings: £5,500 per annum for remaining 5 years of the lease. Total £27,500 plus VAT.
Stroud – Retail
Problem: Long Lease with rent likely to rise at forthcoming rent review tenant had a beak clause.
Solution: Variation negotiated with landlord reducing the rent for 12 months and agreeing Nil increase on rent review.
Result: Rent reduced by £4,000 for one year. Rent review agreed at Nil increase.
Savings: £4,000 plus circa £2,000 on rent for next 5 years. Total £14,000 plus VAT.
Problem: High occupancy costs, Long Lease with break option and rent review.
Solution: Deed of variation negotiated with landlord for rent reduction for remainder of term.
Result: Annual saving for remainder of lease.
Savings: Minimum £2,500 per annum for remaining 10 years of the lease. Plus £2,250 for next 5 years. Total £36,250 plus VAT.