Rent Review | Leighton Buzzard Garden Centre

Overview

Our Lease Advisory team was instructed to act on behalf of the tenant of Leighton Buzzard Garden Centre in respect of their recent rent review.

The review formed part of the existing lease provisions, requiring the rent to be assessed in accordance with the lease terms and prevailing market evidence. Negotiations between the parties were unable to reach agreement so the matter was referred to an Independent Expert for determination.

We were appointed to provide strategic advice throughout the process and to act as expert witness in support of the tenant’s position.

The challenge

The landlord’s position sought to justify an uplift in rent. Our task was to:

• Critically analyse the comparable evidence relied upon
• Assess the relevance and weighting of transactions in the local market
• Interpret the lease terms correctly
• Present clear, reasoned valuation evidence to support our client’s position

Our approach

Acting on behalf of the tenant, Kimberley Gould:

• Provided strategic lease advisory advice from the outset of the review
• Undertook detailed analysis of local and sector-specific comparable evidence
• Prepared a comprehensive submission to the Independent Expert
• Acted as expert witness, presenting her professional opinion in accordance with RICS guidance

Our approach focused on ensuring that the valuation methodology adopted was consistent with both market reality and the precise wording of the lease.

The outcome

Following consideration of the submissions from both parties, the Independent Expert determined that there should be a nil uplift at the rent review - this represented the best possible outcome for our client.

How we can help

Rent reviews can have a significant impact on business performance, particularly in a challenging occupational market. Early strategic advice and robust valuation evidence are key to achieving the right outcome.

If you are approaching a rent review or facing third-party determination, our Lease Advisory team would be pleased to discuss how we can support you.