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The Governor's House, Laurence Pountney Hill, London EC4
A headquarters City building in classic style, providing a total of about 125,000 sq ft around a central atrium. Constructed in the 1990s with high quality specification of the time.
The Brief:
To advise and negotiate the best possible rent for the tenant at rent review in April 2008 at a time when rents were declining but before nil increases had become commonplace.
The Client:
Confidential.
Our Solution:
Key aspects were to assess the precise rate of change of rents in a falling market, and consider the effects of aged plant and equipment in leasing a 10 year old building. We presented the case for a nil increase on valuation and engineering grounds and achieved the point at which the landlord withdrew from arbitration in the expectation that it would not be of benefit to them.
How we added value:
The judgement call was to adhere firmly to our belief that the rent should not increase, with client backing achieved through presentation of a well researched case.
