Lease renewal 35 St James’s Street, London SW1
Cluttons was instructed by The Crown Estate to renew the lease of 35 St James’s Street, a high profile shop at the entrance to Jermyn Street. The shop has been occupied for many years by the world renowned Davidoff Cigars.
A new 10-year lease was agreed at a rent of £135,000 pa, an increase from £2,570 pa. The shop forms part of a potential future development scheme. In order to provide the landlord with flexibility in achieving vacant possession or the ability to introduce another retailer, Cluttons negotiated a rolling mutual break clause from 2012. Cluttons advised the tenant to accept the lease be contracted outside the Landlord and Tenant Act 1954. As a condition of the agreement statutory compensation was paid by The Crown Estate although at a saving as it was based on an historic rating assessment.
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