Our Clients, Libra, headquartered at 13/14 Hobart Place, received a break notice
from the Landlord, to terminate their lease on overflow offices at 12 Hobart
Place as from October, partly for the Landlord’s own occupation, and partly for
re-letting.
Our Clients
were intent on renewing the entire building, comprising 4,445 sq ft, and after
fierce negotiations renewed until October 2020, subject to mutual break
clauses, at 7% higher than the rent they were paying, with 4 ½ months’ rent
free period, subject to a 2 year contribution to accommodate the Landlords in
alternative offices at, under £50,000 per annum.
The rent
free period covered the contribution.
So all in
all, our Clients ended up renewing at the rent they were previously paying,
despite the fact that they initially faced being thrown out on the street.
Agency | Anthony Lorenz | Anthony Epenetos | Andrew Knights
