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.
BOC – Alphin Brook Road, Marsh Barton, Exeter
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.
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.
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.
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.
The Team for Lease Advisory for Occupiers & Tenants
Case studies for Lease Advisory for Occupiers & Tenants
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