AFTER DARK LIGHTING RENT REVIEW SETTLED BY FHP AT A SHADE OVER 40% INCREASE

Professional Services News

Acting on behalf of Derby based landlord, Maid Marian Properties Ltd, Fisher Hargreaves Proctor has negotiated a new rent on review of numbers 45-51 Maid Marian Way, Nottingham, which is occupied by After Dark Lighting.

The new rent agreed for the entire property, which is held on two separate leases with simultaneous review dates of 29^th September 2006 is £51,000 per annum, showing growth of 43% over the five year review period.

The premises contain a total of 3,100ft² ground floor area with 557ft² ancillary at first floor level.  The agreed rent devalues to approximately £30 Zone A.

Mark Bradley, Partner at FHP specialising in retail rent reviews commented:-

“This was an exceptionally complicated rent review due to the various physical characteristics of the unit, the lack of any directly comparable evidence and the terms of the lease.  Rentals within Maid Marian Way vary widely and there is no established tone of value to this location which does not assist the rent review surveyor.  However, I was pleased to reach a settlement with the tenant’s agent at an acceptable level of rent, rather than risk an unpredictable third party decision from an Arbitration surveyor.”