Case Studies
Rent Review
Client: Kier Group
Location: Basingstoke
Brief: To resolve two outstanding rent reviews relating to Kier's offices at Southern Cross, Basing View.
Contact: Mark Clancy FRICS, Director
Tel: +44 (0) 1256 462222
Email: markclancy@londonclancy.co.uk
Case Background and Key Issues
London Clancy acquired ground and first floor offices at Southern Cross for the Kier Group in 2003 on extremely competitive terms. The landlord was implementing the first five yearly upward only rent review in respect of the ground and first floors and fourth floor and held initial direct discussions with Kier.
Kier instructed London Clancy to examine the current market evidence in more detail and fully reflect the rent review provisions of the subject leases, including the full disregard of Tenant Improvements.
London Clancy undertook a full measurement survey to verify floor areas and advised Kier on current market evidence and in particular available incentives and how this evidence could be reflected upon review.
It was vital for the Kier Group to keep their rental outgoing to an absolute minimum.
London Clancy Achievements
Successfully negotiated with the landlord's representative no increase in the passing rent relating to one of the floors of Southern Cross and a nominal increase in respect of the larger suite.
Total savings in excess of £80,000 secured over the five year review period as compared to the landlord's previously stated minimum settlement position.
London Clancy used its local market knowledge and rent review expertise to once again secure the most competitive terms for Kier.