222 Cray Avenue, St Mary Cray, Orpington, Kent, BR5 3PZ
222 Cray Avenue, St Mary Cray, Orpington, Kent, BR5 3PZ
Grant Mills Wood were instructed by British Telecom to act on their behalf in connection with a rent review of a pre-war industrial building comprising 38,080 sq ft. The passing rent was £158,000 per annum and the landlord sought an increase to £250,000 per annum.
There were several issues in dispute that affected rental value, including the age and economic obsolescence of the building, the assumed length of term, repairing obligations and restrictions on use.
The matter proceeded to arbitration and the Arbitrator’s Award was a revised rent of £158,050 per annum, a minimal increase in the passing rent.
Grant Mills Wood succeeded in negotiating a settlement on costs, whereby the Landlord paid the whole of the Arbitrator’s fees and also Grant Mills Wood’s fees for dealing with the Arbitration proceedings.