33 Cavendish Sq, London W1
We acted on behalf of a tenant in respect of a lease renewal case involving approximately 21,000 sq.ft of office accommodation held on two coterminous leases. The landlord's agent was seeking a substantial increase to a combined rent of £1,343,500 per annum from the passing rent of £1,269,000 per annum.
The case involved protracted negotiations and eventual reference to an arbitrator appointed under PACT terms. Reports and replies were submitted by both parties but eventually an agreed settlement was reached for a new lease at a rent of £734,615 per annum which represented a saving of about 45.3% from the landlord’s proposal and a reduction of 42% per annum from the previous rent.