Burger King, Leicester Square, London WC2

Gilbert Evans was appointed by the Leicester Square Burger King franchisee to undertake the rent review of its 5,000 sq ft unit. The site is highly prominent on the north-eastern corner of Leicester Square , close to the underground station. The property has a strong visual appeal and the location reputably experiences one of the highest volumes of pedestrian flow in Europe.

The valuation of the unit was relatively complex due to:

·        The awkward shape of the unit and changes of level within the sales areas.

·        New evidence from a letting, the first open market transaction to take place in Leicester Square for over 10 years, that showed an increase of 58% in the passing rent for the site from five years before.

·        The site’s prominence.

There were a significant number of points to be argued and many potential pitfalls. 

 We presented a robust and credible argument, backed up by strong attention to detail and a consistent approach, persuading the landlord’s agent to concede on key points.  The ultimate settlement depended on resolving a number of issues:

·        Our commissioning of a digitised survey to amend the quantum of the ancillary and raised sales areas, resulting in an 8% reduction in the overall weighted floor area originally quoted.

·        A favourable analysis of the key letting, adjusting for size and position relative to our client’s property.

·        No specific allowance for prominence.

·        The level of increase seen on earlier rent reviews in the square effective before the “letting”

 The final agreement resulted in:

·        An increase in the passing rent of less than 30%.

·        A saving to the client of over 35%, equating to over £430,000 on the rent initially quoted.