Acting on behalf of Nottinghamshire County Council Pension Fund Alastair Fearn, Director within FHP’s Professional Services Team has agreed the outstanding rent review of October 2016 with the tenant, international recruitment firm Michael Page.
The new rent agreed represents an increase of approximately 15% to the annual rent.
Alastair Fearn commented: “I am very pleased with the increase that I have been able to achieve for the landlord here using a combination of my own knowledge of the market and that of my colleagues in our award winning Office Agency Team successfully proving the case for the increase.
As a result of the increase achieved the landlord is now able to recover backdated rent and the capital value of the property as a whole will increase.
Market conditions are changing and whilst it would be incorrect to state that increases are due across the board, depending on the type and location of each property if you have the appropriate knowledge in the market then it is possible to prove cases for an increase.”
FHP provide advice to landlords and tenants at the point of lease renewal and rent review on a wide variety of premises across the country.