Most commercial leases longer than 5 years, whether it be on a shop, office, industrial unit or any other building used for business purposes, will usually have some form of provision for the review of the current rent. The basis for this review is determined by the lease, each situation invariably being very different as the terms of a review clause within a lease lay down specific considerations and assumptions that can be difficult to understand by a lay person but play a vital role in determining the correct level of market rent for the property. The rent on this property may not therefore have a direct monetary relationship to a similarly sized and used premises in the immediate vicinity.
David Kingston Chartered Surveyors have many years experience handling rent reviews on shops, offices and industrial property in the south east, particularly in Surrey, North Hampshire, West Sussex and West Kent, and has a track record of dogged determination in achieving the best results possible for his clients, however long that may take. If it is necessary to follow the third party process, we will handle all research and professional representations necessary for Expert Witness submissions for both landlord and tenant.
HELPFUL POINTER - The calculation of rent on business property is based on a number of specific criteria such as size of the property, its relative position, evidence of similar transactions (known as comparables), assumptions in the review clause etc. so its not as straight forward as it first seems as many different aspects link together to form the rental level. Invariably, the cost of appointing a surveyor will be offset many times over by the level of rent that can be obtained by professional help in rent review negotiations. Performance based fees can additionally help to engender a feeling with the client that the surveyor will do his/her best.