Nationwide Camden

Our work - 05/02/2019

125/127 High Street, Camden: lease renewal on ground floor retail space

Acting on behalf of Nationwide Building Society.

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The landlord was after a substantial increase on this 4,500 sq ft ground floor retail space along Camden High Street. At one point they were looking for a 120% increase from £171,500 per annum to £375,000.

Unable to agree a new rent by negotiation, expert witness reports had to be submitted in order to comply with court direction prior to trial, which if it ended up going all the way would be very costly.

However, after exchanging expert reports, the landlord conceded to £230,000 per annum, a rent in line with market levels. With accurate valuation advice, we were able to maintain position despite the pressure of court action and significant costs, which were ultimately avoided. 

 

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