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London E13
London E13 - 384 Green Street
01/Jan/2014
In 1988, the freehold of 384 Green Street, Upton Park, London E13 was bought at auction on sale-and-leaseback to Boots for a term of 25 years with 5 yearly rent reviews. .
In a corner position, at the junction with Harold Road, and close to Upton Park Station, the property is a ground floor shop with ancillary space on two floors above. It has on-site parking for 1-2 vehicles in its own yard. The trading position is amongst the finest, with Peacocks, Iceland and Tesco Metro a few doors along in the same parade.
Acting for the Landlord. I negotiate rent reviews, lease renewal and advise on matters arising.
For the first ten years, difficulty in finding hard evidence because of a paucity of new lettings meant that the rent did not increase by much. Referring the 2008 review to arbitration was the first time since 1988 that the rent had been assessed objectively and the award increased the rent by approximately 30% There are 4 advertising panels on the return frontage for which at previous reviews the tenant had resisted paying. This time, I got £250 a year. For that 2008 review, the tenant's surveyor was of the opinion the rent should not increase and cited evidence of 2005 reviews at Zone A £38.75 in the same parade. I disagreed with that as evidence, because it involved large stores which, in my experienced, are normally valued overall, rather than in zones. The reasoned award was Zone A £50
The contractual term expired in 2013 and I am dealing with negotiations for renewal of the lease to Boots. A substantial increase has been agreed in principle.
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In a corner position, at the junction with Harold Road, and close to Upton Park Station, the property is a ground floor shop with ancillary space on two floors above. It has on-site parking for 1-2 vehicles in its own yard. The trading position is amongst the finest, with Peacocks, Iceland and Tesco Metro a few doors along in the same parade.
Acting for the Landlord. I negotiate rent reviews, lease renewal and advise on matters arising.
For the first ten years, difficulty in finding hard evidence because of a paucity of new lettings meant that the rent did not increase by much. Referring the 2008 review to arbitration was the first time since 1988 that the rent had been assessed objectively and the award increased the rent by approximately 30% There are 4 advertising panels on the return frontage for which at previous reviews the tenant had resisted paying. This time, I got £250 a year. For that 2008 review, the tenant's surveyor was of the opinion the rent should not increase and cited evidence of 2005 reviews at Zone A £38.75 in the same parade. I disagreed with that as evidence, because it involved large stores which, in my experienced, are normally valued overall, rather than in zones. The reasoned award was Zone A £50
The contractual term expired in 2013 and I am dealing with negotiations for renewal of the lease to Boots. A substantial increase has been agreed in principle.
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