Following our recent successful negotiations for River Island in Colchester, we were appointed by River Island to prepare an Expert Witness Report on the lease renewal of its 7,000 sq ft unit in the Lion Walk Shopping Centre in King’s Lynn that had a current passing rental set at £130,000 per annum.
Our argument: The property was a regularly configured shop on three floors in the ‘prime’ retailing area of King’s Lynn and we argued that rental values in the location had declined dramatically since the current passing was set five years earlier.
Result: Prior to PACT submissions being made, a negotiated settlement was reached a revised rental of £73,500 per annum. Our detailed research and arguments relating to market trends for the location produced a rental that was 43.5% lower than that which was being paid prior to expiry, enabling the client to benefit from a rental saving of £56,500 pa.
You can read another case study on our work for River Island in Hereford here.