We were instructed by River Island to prepare Expert Evidence and pursue the case to court if lease renewal negotiations of its 5,500 sq ft shop in Hereford’s prime retailing area, High Town, could not be agreed. The passing rent on the unit was £143,350 per annum.
Our argument: Rental values had fallen by up to 50% in a short period of time and that this should be reflected in the terms of the new lease.
Result: The landlord’s agent agreed that rental values had fallen to the levels our detailed analysis had confirmed and a substantial rental saving was secured for our client together with a significant rent free period. This successful outcome avoided legal proceedings and associated substantial costs.
You can read another case study on our work for River Island in Colchester here.