20 February 2024
A Landmark Office Rent Review On New Bond Street
Business Space, Commercial, Offices, Professional services, Rent reviews & Lease renewals, SHW News
The iconic Time and Life Building at the corner of Bruton Street and New Bond Street in Mayfair is an Grade II listed mixed retail and office building that was originally constructed in the 1950’s, though the office floors were significantly refurbished in 2017
We were appointed by the 5th floor tenant, Silchester International Investors, to represent them on their April 2020 rent review. Despite the fact that the passing rent was already over £90.00 per sq ft and the review date was 3 weeks after the first covid lockdown was introduced, the landlord instigated the review by quoting a revised rent of £150.00 per sq ft – almost a 65% increase.
Extensive negotiations with the landlord’s surveyor took place, but it was not possible to reach agreement on the market rent and so the matter was referred to an Arbitrator for his determination.
Although there were other transactions in the building showing rents of £120.00 per sq ft, as a result of our well-researched case presented to the Arbitrator on behalf of the tenant, he eventually awarded a revised market rent based on a rate of £103.00 per sq ft on the 5th floor, leading to a rental saving to our client of over £290,000 per annum from the landlord’s original quoting figure.
For further information please do not hesitate to contact Roger Dunlop on 07946 683855 or by email at rdunlop@shw.co.uk
