Renewals and Rent Reviews
Frost Meadowcroft negotiate lease renewals and rent reviews for landlords and tenants.
Some recent examples include:
- 6,000 sq ft educational (D1 use) rent review on a building in Fulham SW6
- 15,000 sq ft office rent review in Kensington High Street, Kensington, W8
- Various lease renewals at Island Studios, Hammersmith, W6
This is an important and rare opportunity for both landlord and tenant to consider the future of their property requirements. For the landlord, we will consider the terms of the lease and its impact on investment value. We will consider with our clients whether short or longer term plans include the wish for redevelopment, perhaps necessitating the need for a break clause. For the tenant, Frost Meadowcroft will assess with the client, their future requirements for expansion, possible down-sizing or relocation, and how this should be reflected in the lease terms.
Most leases will have rent review clauses that set out how the rent review is to be agreed. This is usually based on Market Rental Value. Our advice will consider the lease terms and how these might affect the outcome of the rent review and negotiate on your behalf with the other party’s surveyor to ensure that the rent agreed is the correct amount. If the rent cannot be agreed without reference to a Third Party surveyor, Frost Meadowcroft will prepare and submit representations in accordance with the directions issued by the Third Party surveyor and the guidance notes set down by the Royal Institution of Chartered Surveyors acting as Expert Witness.
If you would like to discuss further please contact Justin Clack or Simon Kibble on 020 8748 1200