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Professional Services News
The rent review from September 2007 on the Farmfoods shop premises at 31 Cattlemarket, Loughborough, has been agreed by Fisher Hargreaves Proctor acting for the private investor landlord at a rent of £67,250 per annum representing £65 Zone A. The previous rent passing was £61,000 .per annum.
The premises contain 2,150ft² ground floor area together with first floor stock rooms of 1,854ft².
The negotiations were handled by Mark Bradley who commented:-
“The lease of this property is unusual in that, whilst it allows assignment of the lease, it prohibits the tenant from underletting the whole or any part of the property. On review, the tenant was seeking a discount to the rent for the restriction on subletting. Whilst I was confident of defending a case against such argument at third party, the parties decided to agree to widen the offending clause as part of the rental settlement.”
Mark also added “This particular location has potential for future rental growth since all the comparable evidence is confined to rent review settlements and if a unit became vacant and to let, it would in my opinion, fetch in excess of £65 Zone A. My client is therefore holding this investment in anticipation of future rental and capital growth.”