Aitchison Raffety was appointed by Cabot Square Capital to manage the rent review on their premises at 1 Connaught Place, London.
The premises total approx. 4,000 sq ft of Grade A office space at the junction of Edgware Road and Bayswater Road, in a prominent position overlooking Hyde Park. The last rent review was undertaken during the recession and now five years on, rental values have risen, and as expected, the landlord proposed a steep hike in the rent review to £280,000 per annum (£68.85 per sq ft).
Aitchison Raffety was appointed to mitigate the increase, and following some in-depth analysis into the clauses within the lease, advise the client that the rental value at the date of review was approximately £63 per sq ft.
Aitchison Raffety successfully negotiated a reduced rent of £62.50 per sq ft (£254,188 per annum). This saved the client £25,812 per annum over the next five years, resulting in a total saving of £129,000.
“We appointed Aitchison Raffety to negotiate with the landlord’s agent on our office rent review and were more than happy with the manner in which the negotiations were concluded and in particular, the end result. They were diligent and professional in their dealings throughout. The surveyor was patient, putting forward reasoned arguments for a lower rental. He also kept Cabot updated on progress throughout the negotiations. We would not hesitate to use Aitchison Raffety again”.
Billy Chasty, Chief Finance Officer, Cabot Square Capital LLP