- Instructions received from Tenant to represent them in lease renewal proceedings on their retail premises in Oxford
- Landlord proposed a significant rent increase - to £93,000 per annum
- Landlord sought to value the upper floors as a hotel
- Tenant had converted to hotel use, but documented as tenant’s improvements less than 21 years previous - therefore to be disregarded
- We were instructed to present submissions to an Expert to determine the rent
- Determination agreed with our case and disregarded the improvements thus valuing the upper floors as ancillary
- Expert’s Determination at £79,600 per annum - saving the tenant £67,000 until the first rent review and also providing a basis for valuation
Chartered Surveyors
Raeburn Consulting
With over 50 years combined experience we are the property experts to help you.