DWD advised Glasgow Caledonian University (GCU) on the rent review of their London campus at 40 Fashion Street, London, E1.
The landlord quoted a rent of £1,032,000 based on earlier rent review settlements within the building and we agreed a rent of £825,000 (20% less) through negotiations.
Counsel’s advice was sought over the legal interpretation of key clauses in GCU’s 2 leases covering a discount for D1 use and assumed term. Valuation arguments centred on market movement, the rental value of a roof terrace and the quantum of landlord incentives.
DWD are providing ongoing strategic and transactional property advice to GCU.
To see the services DWD offers in Landlord & Tenant work, go to: http://dwd.com/what-we-do/property-advice/lease-advisory/