ISI acting on behalf of their client Hedonism Wines have successfully negotiated a rent review effective January 2015 on part of their shop premises at 3 Davies Street W1 where the landlord referred the matter to arbitration seeking an uplift to £468,500 pax. The passing rent was £160,000 pax. However the Arbitrator made his decision in the Tenant’s favour with an award of £299,000 pax with ISI having put forward a strong case for an increase to £270,250 pax. The new rent reflects in valuation terms a Zone A rate of £265 per sq ft.
Our client was very pleased with the result saying ‘ This is great news, thank you, great job! ‘.
ISI continue to advise on other lease advisory matters nearby in Davies Street, Mount Street, Berkeley Square, Shepherd Market and Conduit Street.