We were appointed by Superdrug to undertake a lease renewal on its 6,000 sq ft unit in Ealing Broadway Shopping Centre, London W5 that had a current passing rental set at £280,000 pa.
Our argument: The property was a regular shaped double unit in the scheme. It was our contention that rental values in the shopping centre had declined dramatically since the current passing was set five years earlier.
Result: As a consequence of our market knowledge and detailed research, we advised the service of a Calderbank offer at a rental of £201,500 per annum. Following assertive negotiation, we secured agreement at the rental level stipulated in the Part 36 offer.
Our approach to the negotiations produced a rental almost 30% lower than that which was being paid prior to expiry, thus enabling the client to benefit from a rental saving of just below £80,000 per annum.
You can read another case study on our work for Superdrug in Wandsworth, London SW18 here.