Wright & Partners represented a
firm of solicitors, Sookias & Sookias in respect of a rent review of two
floors of air conditioned offices at 15-16 Brooks Mews, Mayfair where the
landlords were seeking a rent of £230,000 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 Reports
to the appointed Arbitrator we advised our clients to issue an open offer to
settle the review at £189,000 per annum. As a consequence of our valuation
submissions the Arbitrator determined the annual rent at £183,000.
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.