Our major media Corporate Occupier client, held a lease on
some 57,000 sq ft of non occupational offices, with 2 sub-tenants who were both
outside the Landlord and Tenant Act.
They faced approximately £2.2m worth of outgoings until the
end of their lease, to include dilapidations and the Landlord offered to take a
surrender at £1.4m.
It seemed low and something was obviously wrong.
Via inspection, we ascertained that the Landlord was
re-letting to our Client’s sub-tenants, who were both outside the Landlord and
Tenant Act, expiring 3 months before our Client’s lease.
The Landlord could not achieve his aims without our Client
surrendering, and not only did we negotiate a free surrender but also the
Landlord paid our fees.
Professional | Anthony Lorenz | Kathryn Sowter
