May 2011: Gilbert Evans was instructed by River Island to prepare Expert Evidence and pursue the case to court if lease renewal negotiations of its 5,500 sq ft shop in Hereford’s prime retailing area, High Town, could not be agreed.
River Island’s previous rental was set at £143,350 per annum in November 2008 and it was Gilbert Evans’ opinion that the rental at renewal should be closer to £90,000 per annum.
The evidence was difficult to interpret as the landlord had attempted to reduce the extent of the incentive packages that were actually obtained.
Gilbert Evans used its experience, market knowledge and determination to comprehensively analyse the town’s retail offer in order to establish its true retail hierarchy and it also assessed the true impact that market realities were having on rental values in the town.
Through the force of its argument, Gilbert Evans persuaded the landlord’s agent that rental values in High Town had fallen by almost 50% in the short period of time. A substantial rental saving for the client was secured together with a significant rent free period without resort to court and substantial legal costs.