Rent Review Kingston

Question 1

Address?

Answer 1

UNIT 4, RIVERSIDE WALK, BISHOPS PALACE HOUSE, KINGSTON-UPON-THAMES, KT1

Question 2

Landlord

Answer 2

Canadian & Portland Estates PLC

Question 3

When was this settled?

Answer 3

February 2020

Question 4

Tenant?

Answer 4

Busaba

Question 5

Demise

Answer 5

Ground floor trade and ancillary, trade external to front.

Question 6

Floor Areas?

Answer 6

Ground 3,500sq ft)
External 360sq ft)
Total 3,860 sq ft)

Question 7

Transaction?

Answer 7

Rent Review

Question 8

Rent Review date

Answer 8

6th January 2019

Question 9

Passing rent

Answer 9

£153,600

Question 10

Acting for?

Answer 10

Tenant

Question 11

Term?

Answer 11

25 years no break

Question 12

Term commencement

Answer 12

6th January 2014

Question 13

Passing rent

Answer 13

£153,600

Question 14

User?

Answer 14

A3 only of the The Town and Country Planning (Use Classes) Order 1987 (as amended)
Now class E (Commercial, Business and Service), as of change of use class order 1st September 2020

Question 15

Alterations?

Answer 15

Not to make any internal non-structural alterations or alterations to the external restaurant front without consent which is not to be unreasonable withheld of delayed

Question 16

Alienation?

Answer 16

Assignment and Subletting permitted in whole only, with prior consent from the landlord, but not before the date of the second anniversary of the term commencement date

Question 17

Rent Review clause?

Answer 17

The next rent review commencement date is the6thJanuary 2019.Fiveyearly, upwards only open market rent reviews. Assuming a hypothetical letting for the greater of a 15-year term or the unexpired residue of the premises in shell condition with vacant possession. Disregarding the effect on rent of the tenant’s occupation, goodwill, any works or licensed improvements. If the rent cannot be agreed before the relevant review date either party may make application for the determination to be solved at 3rdparty Arbitrator only. Time is not of the essence

Question 18

Best evidence

Answer 18

Cote, Unit 6 Riverside Walk, Kingston Upon Thames, KT1 1QNCote was subject to a rent review on the 10th December 2018, the review was settled by an independent expert, for a rent of £130,600 pa, which equates to £48 sq ft ITGFT

Question 19

Devaluation

Answer 19

GF T 2,275 sq ft x £48.18 = £109,625
GF A 1,225 sq ft x £24.09 = £29,514
External Seating 360 sq ft x £12.04 = £ 3,132

Total = £142,272

Say(passing rent)= £153,600

Question 20

What were the clients objectives?

Answer 20

Simply to achieve the lowest rent possible, ideally a nil uplift.

Question 21

What fee basis did you arrive at?

Answer 21

Fixed fee plus a % of the savings from the quoting rent.

Question 22

What did the landlord quote?

Answer 22

£58 psf ITGFT = £171,000