Rent review, King Street, London SW1
Acting for The Crown Estate, Cluttons was instructed to undertake a rent review of the 18,000 sq ft self contained, period gallery/office building. In the late 1990s an agreement for lease had been entered into granting the tenant a re-geared ground lease in return for payment of a premium and refurbishment of the property. For various operational reasons the tenant had deferred the works and thus the grant of the lease.
Prior to the latest rent review, the tenant sought consent to vary the works from the original specification. Due to the controls in the agreement and a deadline for the tenant to carry out the refurbishment works, Cluttons negotiated a very favourable rent review settlement resulting in an increase from £95,000 to £220,000 pa - an uplift of 130%.
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