Caxtons manages various shops in East London, one of which had been let to a bank for a short term at a rent of £20,000 per annum. The tenant asked for a new lease but at a reduced rent of £18,000 per annum.
The property was re-inspected to ensure that no changes had occurred since the lease began. Several rental transactions were analysed to check the market rent, the most optimistic of which would have supported a rent around £36,000 per annum but a rent of £27,840 per annum was proposed. That was rejected by the tenant. After lengthy negotiations and with the support of a rent being agreed on a neighbouring shop, a revised rent of £23,000 was agreed, which was satisfactory to the landlord. Instructions were sent to the landlord’s solicitor to complete a new lease until 2019.
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