Amy Durkin
Head of Lease Consultancy
Bristol office, Exeter office,
Tel: 01174 286555Mob: 07384 112092
adurkin@vickeryholman.com
Occupiers and tenants are naturally anxious to reduce or minimise costs on their commercial property. Rents, business rates and property costs make up a significant proportion of business overheads and we understand your need to manage those costs.
Achieving the best lease terms and rents on your commercial property remains a key concern, especially during the current changeable and uncertain market. Our team is based in the South West, with offices in Truro, Plymouth, Exeter and Bristol so we are well placed to help you with lease terms, rent reviews and rent concessions.
Vickery Holman offers occupiers and tenants:
- In depth market knowledge of rental values throughout the South West
- Extensive negotiation, management and arbitration skills to enable tenants to achieve the optimum lease terms and minimise rent
- Expert advice and guidance for rent reviews and lease renewals on commercial property and land
- Arbitration and expert witness support in the event of a dispute.
The need to reduce or manage costs has never been so important at the moment. Vickery Holman has a strong track record in helping assess whether your business rates have been calculated correctly. In the event of an error, we can help you challenge your rateable value, which may result in significant cost savings for you.
To find out more about we can help you with your business rates, please look at our Business Rates page.
Recent Success
BOC – Alphin Brook Road, Marsh Barton, Exeter
Overview
We were asked to assist a client in Exeter with a highly complex rent review when the property was held under two leases and market comparisons were difficult to obtain. In these situations, using lease consultants was crucial to understanding the legal implications of the lease and in achieving a successful outcome for the tenants.
Problem
BOC’s showroom on Marsh Barton, Exeter is a good example of the complexity rent reviews in leases can cause. The property is a building with a yard but held under two leases, both including the right to review the rent from 29 September 2018. The landlord tried to increase the total rent for both from £25,100 to £34,500 per annum, presenting a significant increase for BOC that we helped resist.
Solution
A proper legal understanding of the leases proved a vital part of the dispute. The leases were complex including restrictions on the assumed use to be valued. As separate leases, each rent review had to ignore the other leading to some interesting problems. For example, valuing the building with the yard occupied by someone else meant the building had no loading access.
The property is also very different to other properties on Marsh Barton making it almost impossible to find rental agreements to compare it to. The landlord’s attempt to follow top of the market showroom rents had to be blocked. Fortunately, our detailed market knowledge of Exeter meant we were aware of the rent for similar properties which were available at a much lower rent.
Result
Our combination of expert legal knowledge and market awareness reduced the rent increase to only £28,250 per annum, saving BOC over £30,000 in the period until the next rent review.
Any questions? Call us
Our experienced team is ready to assist with unparalleled regional advice
TRURO
Tel: 01872 245600
PLYMOUTH
Tel: 01752 261811
EXETER
Tel: 01392 203010
BRISTOL
Tel: 0117 428 6555
The Team for Lease Advisory for Occupiers & Tenants
Case studies for Lease Advisory for Occupiers & Tenants
Rent Review – Formal Business Park, Camborne, Cornwall Vickery Holman has recently undertaken the Rent Review of a 13,500 sq ft industrial unit and have managed to achieve a saving for the tenant of £40,000 per annum from the Landlord’s Trigger Notice. The Lease Consultancy Team here at Vickery Holman is more than happy to […]
Lease Renewal – Ground Floor, Argosy House, Plymouth Vickery Holman has recently undertaken the lease renewal of the Job Centre at Argosy House. The new 10-year lease was agreed at a new rent of £10.50 per sq ft. This is a new high rent that has been achieved within the building and shows the increasing […]
Vickery Holman has recently undertaken both an outstanding on a Veterinary Practice rent review in Brixham, Devon on behalf of the Landlord. This rent review was unusual as the tenant was in the process of assigning their lease, and therefore we were in contact with both parties as negotiations proceeded. It was settled quickly, which allowed the […]
Vickery Holman have successfully negotiated a nil increase for a nursery occupier where the Landlord was looking to increase the rent circa 15%. Acting for the Tenant, the team here at Vickery Holman were able to use their expert knowledge within the specialist D1 use sector allowing us to provide evidence to support that the […]
Lease Renewal – First-Floor Office Space, Threemilestone, Cornwall Vickery Holman has recently undertaken a new lease and a first-floor office space at Green Court in Threemilestone. The new lease was mutually beneficial to both Landlord and Tenant with flexible break options, taking into account the ongoing trend and uncertainty over Brexit. The new high rent […]
Lease Extension Lease extension consultancy and lease reviews remain a key service for Vickery Holman. The lease advisory team has recently undertaken a new 10-year lease extension of Howden’s in Dartmouth, Devon, ensuring that the Landlord now benefits from 12.5 years of Howden’s occupation. In undertaking this, Vickery Holman has also achieved a new high […]
