West End Commercial Estate Agents and Surveyors, Gerver Freedman, provide valuable advice to tenants at the time of commercial property rent reviews
Released on: January 3, 2008, 3:00 pm
Press Release Author: Gerver Freedman
Industry: Real Estate
Press Release Summary: Commercial property tenants in Central London can benefit from Gerver Freedman's sound rent review advice and over 20 years expertise in the Central London commercial property market.
Press Release Body: London, UK - Gerver Freedman - a leading London commercial property agent, comments on the issues surrounding commercial property rent reviews for tenants. For more information, call 020 7317 3113 or visit www.gerverfreedman.co.uk
"Negotiating a rent review at the time of lease renewal is a critical time for any business owner," explains Tony Gerver, a partner at Gerver Freedman. The law regarding commercial property rent reviews is covered in the 1954 Landlord and Tenant Act, however many business owners cannot be expected to know all of the nuances of such a complex area of law. "It isn't simply a matter of knowing when to expect the landlord's trigger notice and the time frame allotted for counter notices." There have been several landmark cases at the Court of Appeal dealing with the subtleties in this area alone, and the tenant cannot be certain that the law will favour them should any difficulties arise.
"Central to any rent review negotiation is agreement on the value of a commercial property and whether the rent reflects that," continues Tony. Local commercial rental charges play a part but many factors can affect the proposed rental changes, such as use of the property. "E.g. if the property has become valuable office space since the contract was signed, but is being used only for storage, a proposed rent increase at the time of lease renewal will reflect its most profitable use, regardless of how the tenant is actually using it," Explains Tony. "Furthermore, if there is an upward only rent review clause, the rent stays the same even if the area value has decreased."
"Gerver Freedman understand that timely, good communication with the landlord helps to make the period of lease renewal as painless as possible," concludes Tony. The property agent assigned to the property under negotiation already has a good working relationship with the landlord and can be an excellent source of information and support. "Even without any previous involvement with the commercial property in question, Gerver Freedman's intimate knowledge of commercial property value in the West End can be an invaluable resource."
About Gerver Freedman Gerver Freedman is a leading firm of West End Commercial Estate Agents, Commercial Property Consultants and Surveyors. Gerver Freedman provides a valuable service for landlords or tenants on any commercial property-related issue, including acquisitions and disposals, lease renewals and rent review negotiations for all commercial property types throughout London's West End, Midtown, Mayfair and West London. In addition, they also have experience advising on commercial property throughout Greater London and the Home Counties. Gerver Freedman has undertaken a number of major commercial property transactions involving the letting, sale and acquisition of significant office buildings throughout Central London and the UK. Gerver Freedman's website provides a useful platform from which tenants can search an up-to-date and comprehensive commercial property database of office space available to help them to find a suitable office in Central London.
Contact Details
Anthony Gerver Partner
Gerver Freedman 56 Queen Anne Street London W1G 8LA
2022
