CASE STUDIES
Case Studies
Landlord & Tenant
Industrial Premises, Shannon Way, Tewkesbury
Hartnell Taylor Cook LLP received instructions through LaSalle Investment Management to act for a private client landlord in relation to an unresolved rent review.
The premises comprise a large industrial warehouse building incorporating two storey office accommodation, with car parking, set within a well established estate just off Junction 9 of the M5 Motorway.
The rent passing was circa £275,000 per annum, but the review had been due over two years prior to our involvement. In view of the time that had passed since the review date, an application had been submitted for the appointment of an Arbitrator. It was, nevertheless, still important to try to conclude the review by negotiation if at all possible.
The tenant eventually appointed a surveyor to act on its behalf and valuable, without prejudice discussions followed. After detailed negotiations with the tenant's agent, which included the consideration of various technical points arising under the lease, a revised rent was agreed, subject to client's approval, at circa £300,000 per annum.
Bearing in mind the time the review had been outstanding, it was satisfying to reach a sensible conclusion without the cost and risk of pursuing an arbitration. It was evident that in this case agreement was reached more easily owing to both parties having professional representation.
Client: LaSalle Investment Management