Restaurant Rent Review Reduction
Roger Hannah & Co were instructed by a tenant of a popular Manchester City Centre restaurant following receipt of a rent review notice proposing an increase of circa 50% on the annual rent. This was also to be backdated to the rent review date which was 3 years prior and could apply for the remainder of the lease.
Following our engagement we carried out a full measured survey of the property and prepared a rental valuation report for the client based on comparable market evidence and our experience in this sector. We were subsequently instructed to enter into negotiations with the landlord.
Throughout the negotiations we were able to discredit effectively all evidence proposed by the landlord and put forward our own case to support our client’s position. Through our experience and extensive market knowledge we were able to demonstrate that the property was actually rack rented and were able to source comparable evidence which supported this assertion.
This eventually led to the landlord conceding their position and the rent review being agreed at a nil increase, representing a saving in the region of £80,000 of rent over the remaining period of the lease for a delighted client.
Our dedicated Lease Advisory team has the specialist skills and experience to deal with all commercial landlord and tenant matters, advising clients across all sectors of the property market both regionally and nationally.
Our team can help with rent reviews, lease renewals, restructuring/re-gearing, surrender of leases, assignments and sub-lettings as well as general advice on all lease related matters and landlord and tenant issues or disputes.