Accurist House, Baker Street
We provided leasing advice when in 2014 we relocated Streathers from their former offices located over several floors in a town house in Wigmore Street to a single air-conditioned floor of 7,500 sq ft in Accurist House, Baker Street. We agreed a lease of 10 years with a rent review at the 5th year and unusually, the landlord agreed to a tenant only break option at the 7th year, not in common with most leases where the rent review and break option share the same date.
On advising on the rent review that accounted for of an early break option 2 years into the hypothetical lease of a willing tenant; our negotiations with the landlord, influenced first by Brexit and subsequently Covid 19 took over 12 months to agree nil uplift from a passing rent of £47.00 psf and included 14 months’ rent free, influenced by the removal of the break option. Our client will not need to reinstate on expiry of the lease and will continue to benefit from a service charge cap.