Client: Nationwide Building Society - Merry Hill
Merry Hill Shopping Centre is one of the most well-known and largest regional shopping centres, totalling over 2.3 million sq ft of retail, leisure and office facilities. Our client, Nationwide Building Society, occupies Unit 75 on the lower mall and mindful of a forthcoming rent review, it appointed our landlord and tenant experts to negotiate its position with the landlord, Westfield Shopping Centres.
Solution
We knew that the landlord had a considerable number of outstanding rent reviews, so it was important to trigger Nationwide’s as soon as possible, and to conclude negotiations quickly. We successfully argued that allowances should be made for two factors. Firstly, that a number of pillars obscured the visibility of the frontage of Unit 75, and secondly, it’s irregularly shaped frontage also detracted from its prominence.
The results
The deductions were considered by the landlord’s agent as part of the negotiation, enabling us to secure a nil increase on the rent.
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