Rent Reviews and Lease Renewals
Both landlords and tenants are familiar with the regular review of rents during the course of a lease, usually to bring the rent paid up to current open market level. A tenant wishing to remain in occupation on lease expiry will also experience the rent being adjusted to the then market level.
We are experiencing more tenants who agree rents without advice and find themselves, if they decide to vacate during the term, with a property that they cannot sub let because the rent they are paying is higher than other similar space in a market place which is oversupplied with space. Landlords to agree rents without advice and find that they have negotiated a rent which is below market level, losing they revenue until the next review.
Commercial rents have generally risen over the last twenty five years but recently rentals paid for some types of commercial property have fallen sharply resulting in some uncertainty in the market place. At such times experienced valuers are needed even more than usual, to ensure that rents quoted and agreed at review or lease renewal are in line with market levels.
We provide advice to both landlords and tenants at rent review and expiry and advise how to ensure that rents are agreed which reflect current market trends.
Shaw and Company works in association with Robert Head, the leading Chartered Valuation Surveyor who, for over forty years, has practiced as a commercial and industrial property and investment consultant advising major clients in the insurance, corporate and private sectors.
For more information about rent reviews and lease renewals please go to Valuations and Why You Need Them
Shaw and Company works in association with Robert Head, the leading Chartered Valuation Surveyor who, for over forty years, has practiced as a commercial and industrial property and investment consultant advising major clients in the insurance, corporate and private sectors.
Robert’s broad background and experience extends around the UK including the West Midlands and Wales as well as London where, with Richard Ellis, he and the team he lead valued properties ranging from offices, factories and film studios, to hospitals. From there he formed the London office of a major Welsh-based practice where he developed the business to serve Welsh clients seeking professional advice outside of the Principality.
Today, Robert works on his own account and with Shaw and Company, and included among his clients is a major insurance company and their associated pension funds, as well as many more corporate and private clients. He consults on major projects including multi-storey office buildings, industrial estates and shopping schemes as well as much more modest commercial premises throughout England and Wales. The availability to our clients of this level of specialist experience is invaluable.