In November 2011 BMCE Bank International Ltd approached us to acquire the second floor at 26 Upper Brook Street, a building where they occupy the ground floor. After inspecting the premises a new lease was agreed at a rent of just under £70.00 per sq ft exclusive for a term circa 7 years i.e. co-terminus with their existing lease on the ground floor, with a tenant only option to determine (subject to 6 months prior written notice) and an upwards only rent review after 2 years. A substantial initial rent free period was agreed and a further sizeable rent free incentive if the option to determine the lease is not exercised. The lease is outside the Landlord and Tenant Act 1954. The search for suitable A2 premises for the retail arm of the Bank continues.Agency Acquisition | Anthony Epenetos
