January 2012: Moss Bros was previously advised by one of the UK’s largest property advisors to accept a rental of £289,000 per annum on a high street shop in Guildford.
After undertaking its inspection, sifting through all of the relevant documentation and closely scrutinising the analysis of the comparables, Gilbert Evans advised Moss Bros that it should reject the previous agent’s advice and pursue the Arbitration process to achieve a lower rental.
In this instance the demise was an amalgamation of two shops/upper parts. Gilbert Evans believed that the conjoining of the separate units created a shop unit with numerous specific and separate physical disabilities which had a significant impact on the property’s operational effectiveness and, therefore, its rental value.
In order to win the case at arbitration it was essential that Gilbert Evans was successful on the three key issues and secured:
• A significant allowance for the configuration of the ground floor
• Discounted rates to be applied to the first floor sales and ancillary accommodation in the basement, first, second and third
floors
• The appropriate Zone A rate to be adopted.
Gilbert Evans presented a powerful, assertive and credible argument to persuade the appointed arbitrator to ‘favour’ the valuation approach it advanced and convinced the Arbitrator to award a rental of £276,500 per annum – £12,500 per annum below that which Moss Bros’ previous agent had recommended acceptance.
Finally Gilbert Evans had served a ‘winning’ Calderbank offer, the result of which was the landlord had to pay all of the Arbitrator’s costs and those of Moss Bros in employing Gilbert Evans.
“I recognise and acknowledge the hard work and professional input that is always a feature of your work. Not quite sure what more I can say except, of course, thank you and that I fully appreciate what you have done for Moss Bros.” Richard Hepton, Property Director, Moss Bros Group PLC.