Grade II listed property in significant state of disrepair
The Grade II listed property, which was completed in 1881 and had been in use as a judge’s residence since 1938, was in a state of disrepair at the end of the previous lease. The landlord was concerned that if the tenant did not address the repairs as a matter of urgency, this historic building could be irreparably damaged.
Limited comparable evidence
The number of leases for judge’s residences in the UK has reduced in recent years, with only limited comparable evidence available.
Utilising our national network of offices, we conducted thorough research of the market and identified key rental comparables in Liverpool and Bristol.
Repair works completed within agreed timescale
Our Building Consultancy team also surveyed the premises and produced a Schedule of Condition which was presented to the tenant, who agreed to complete the works within an agreed timescale.
Annual rental increase of 28%
Our advice, which took into account the restricted use of the premises and consideration of alternative uses by way of a cross check, enabled us to successfully negotiate a 28% increase in annual rent.
The landlord now has the confidence that he is receiving a rent comparable with that for other judge’s residences in UK urban centres.
REGISTER FOR UPDATES
Get the latest insight, event invites and properties by email