Santini Restaurant, Ravenshead, Nottinghamshire
Success Story: Rent Review Negotiation for Santini Restaurant in Ravenshead
At RH Chartered Surveyors, we pride ourselves on providing expert analysis and advice to our clients. In a recent case, we acted on behalf of our client, Santini, the tenant of a restaurant premises in Ravenshead, Nottinghamshire. Santini had received a notice from the landlord proposing a substantial increase in their rent at the 2022 rent review, which would have had a significant impact on its profitability.
When Santini approached us, they were concerned about the proposed rent increase, which was in excess of 20% of the passing rent. Facing such a substantial increase after such a difficult time for the business during and after the pandemic, Santini sought our expertise to assess the validity of the proposed rent increase and negotiate on their behalf.
To address Santini's concerns and secure a favourable outcome, our team at RH Chartered Surveyors followed a meticulously crafted strategy:
- Thorough Analysis: We conducted a comprehensive market analysis to assess the current rental values in Ravenshead and surrounding areas. We examined recent rent transactions and studied the local market trends to build a strong case for fair rent conditions.
- Evaluation of Premises: Our team performed a detailed evaluation of the condition, location, size, and amenities of Santini's restaurant premises in Ravenshead. This allowed us to determine its fair rental value based on its unique features and potential.
- Research: We researched and analysed any significant changes in the local area that could impact the rental value of commercial properties. By considering new developments, changes in demographics, and economic factors, we added relevant data to support our negotiation strategy.
- Lease Agreement Review: Our experts carefully reviewed the lease agreement to identify any provisions or clauses that could potentially limit the landlord's ability to increase the rent. We ensured that all aspects of the agreement were considered in our negotiation strategy.
- Expert Negotiation: Armed with our analysis and a thorough understanding of the market and lease agreement, our team engaged in negotiations with the landlord and their agent. We presented our findings and argued for a fair and reasonable rent increase that would protect Santini's interests.
After rigorous negotiations and advocating on behalf of Santini, RH Chartered Surveyors successfully secured an agreement that greatly benefited our client. The proposed rent increase of over 20% was significantly reduced to an increase of the headline rent of only 4%, with further rent incentives secured to soften the increase incrementally over the next three years’ of the lease. This amounted to a rent saving on the initial proposal of over £30,000.00 across the next five years’ of the lease - Santini was ecstatic with the outcome.
At RH Chartered Surveyors, we are committed to achieving the best possible outcomes for our clients. In the case of Santini Restaurant in Ravenshead, our expert analysis, thorough evaluation, and skillful negotiation led to a successful result.
To learn more about our services and success stories, please have a look at our website and click or call to get in touch with us for a quick, informal chat to see how much we could save you, both in time and money.
- Expert on all commercial property matters
- Personal approach to a professional service
- Affordable fees, less than half the typical rate
- Experience at well-established firms in multiple locations and sectors
- Operating across Midlands and Yorkshire property markets