20 February 2024
Excellent Arbitration outcome on stunning office floor at 25 Park Lane
Business Space, Commercial, Offices, Professional services, Rent reviews & Lease renewals, SHW News
The 3rd floor of 25 Park Lane, overlooking Hyde Park, was due to have an April 2020 rent review and we were appointed by the tenant, Burlingtown UK Limited, to represent it in negotiations with the landlord. 25 Park Lane comprises part of the Curzon Square development, a mixed office and residential scheme constructed in 2005 and providing 75,000 sq ft of grade A office accommodation.
This was a complicated rent review for although the rent on our client’s floor was already at £105.00 per sq ft, as at the date of the review there was evidence in the building of earlier rent review settlements on two other floors at around £125.00 per sq ft.
The landlord’s surveyor quoted a revised rent of just over £114.50 per sq ft, but the matter was referred to Arbitration and the Arbitrator awarded a market rent of £100.00 per sq ft (i.e. lower than the passing rent and therefore a nil increase). This was not only a very welcome result but a clear outright victory for our client, to the extent that the landlord agreed to bear all the arbitrator’s costs.
For further information please do not hesitate to contact Roger Dunlop on 07946 683855 or by email at rdunlop@shw.co.uk
