Client: Liberty International
Our client, Liberty International - the world famous retailer in Regent Street - occupies offices adjacent to its department store in a building on Kingly Street. Under the terms of the lease the offices were subject to a rent review in June 2007.
Leading up to the rent review, the West End office market had experienced a period of sustained rental growth brought about by a lack of supply, and our client was anticipating an increase in rent payable at review. The landlord is an extensive and well-known investor in that area, and was keen to push up the rent at review to create evidence to use on neighbouring buildings.
Our solution
Negotiations with the landlord did not progress as quickly as we required, so we referred the matter to a third party to force the landlord to the negotiating table. As the date for the submission of each parties’ statement of case approached - and therefore third party costs potentially increased - the landlord offered to settle the matter at a nominal increase.
Result
Our tactics saved Liberty International over £300,000 over five years from the landlord’s original offer to settle.
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