A Landmark Rent Review in Mayfair
5 Hanover Square is considered to be one of the most prestigious grade A office buildings in Mayfair, having been designed by awarding winning architects Squire and Partners in 2012. When it was originally let headline rents of over £100.00 per sq ft were achieved on the various individual office floors of approx. 8,000 sq ft each.
Ashwell Rogers were appointed by Angola LNG Marketing Ltd to represent them on their March 2018 rent review on the 5th floor in the building. Despite the fact that the passing rent was already £105.00 per sq ft, the landlord, Mitsui Fudosan, quoted a revised rent of almost £150.00 per sq ft and the matter was subsequently referred to an Independent expert for his determination.
We are delighted to announce that not only did the Independent expert determine the market rent to be just under £100.00 per sq ft as at March 2018 (i.e. lower than the passing rent and therefore a nil increase), but the landlord also accepted that it should bear the expert’s entire costs. This was a very welcome result, not only for our client but for many other occupiers who were at the time involved in similar rent reviews disputes on grade A offices in the West End.
For further information please do not hesitate to contact Roger Dunlop on 0207 758 3281 or roger@ashwellrogers.com
