Wright & Partners represented a recruitment company, Essex Learning, in respect of a rent review on 4,100 sq ft of air conditioned offices in Warwick Row, Victoria, SW1 where their landlord, Land Securities, was seeking a rent of £175,000 per annum.
Despite our attempts to reach a negotiated settlement we were unable to reconcile the difference between the landlord’s aspirations and our view of a fair rent for the premises and, consequently, the matter proceeded to Arbitration.
Prior to submitting our Expert’s reports to the appointed Arbitrator we advised our client to issue an open offer to settle the rent review at £165,000 per annum. As a consequence of our valuation submissions the Arbitrator determined a rent of £164,000 per annum.
As the determined rent fell below our open offer to settle we made an application to the Arbitrator for a Costs Award which resulted in the landlord having to pay the whole of the costs of the arbitration, including our fees.
Return to news