Cleveland House, St James’s Square
We acted on behalf of the tenant of the 6th floor of this prime St James’s office building. The floor comprised 8,232 sq.ft of Grade A space and the rent was £658,560 per annum (£80 per sq.ft).
The landlord’s agent sought to increase the rent to £1,020,768 per annum (£124 per sq.ft) and the matter was eventually referred to an independent expert.
After receiving our submissions the Expert awarded a revised rent of £872,600 per annum which represented a saving of 14.5% or nearly £150,000 per annum from the landlord’s proposal.