Andrew Idle Associates have recently concluded two rent reviews in respect of retail premises; one being a hot food takeaway and the other a convenience store, acting on behalf of the Landlord in both Cases.
In the first we were able to negotiate an uplift of 31.5% over a five year period; the Unit was known to be trading well but we still had to source some strong market rental evidence to satisfy our opponent advising the Tenant. In the second we fought very hard to win 11.4% over a similar period. Again, the Tenant’s Surveyor had to be persuaded and this took a lot of patience and dedication on our side.
These cases hinge around producing relevant market comparative evidence and this can involve lots of in-depth research and maintaining contact with other Surveyors who are active in the same sectors; sharing such information to our mutual advantage.
In a third case, we were appointed by the Tenant of a restaurant premises. In this case, the relationship between Landlord and Tenant had broken down. The Landlord had already applied to the RICS for a Third Party Expert to be appointed, hence we had to compile detailed Submissions to him. There were several missed review dates and all of these had to be covered hence we had our work cut out and the whole process took over 20 hours information gathering and report writing.
We were able to utilise some historic information that we had carefully archived knowing that it might come in useful for a Case such as this. The Expert is due shortly to release his Determination, and it will be interesting to read the outcome.