Third party representation for the Port of London Authority
Cluttons acted for the Port of London Authority undertaking a variety of estates remits. The subject installation forms part of the client’s beacon network along the river Thames and is used by marine traffic to navigate the river safely.
This rent at review could not be agreed between the parties due to a substantial difference in valuation approach. The matter was referred to the RICS for resolution by an independent expert in accordance with the terms of the lease.
The landlord’s agent proposed a rental valuation of £16,500 per annum based upon a combination of local industrial unit rentals together with commercial and military radar installations throughout the country.
Cluttons restated that the approach adopted by the landlord’s agent was wholly unsuitable for this review. Several other installations were identified in both the immediate area and at other key marine locations throughout the country. Cluttons’ extensive comparable information enabled the team to value the site accurately and provide evidence within the submission pertaining to similar properties with similar restrictive user clauses within their leases.
Following the initial submission and counter submission, the independent expert awarded an annual rental of £5,800 and awarded costs against the landlord.
Return to