Sanderson Weatherall is instructed to act on behalf of the Co-operative Group in respect of their Landlord and Tenant work throughout the North of England. This is a multi-office instruction with the work being serviced from the Leeds, Manchester, Newcastle and Teesside offices. The portfolio includes pharmacy, travel, funeral and food units.
We have held this instruction since January 2009 and have obviously concluded a number of rent reviews and lease renewals since that time. However, of particular note were the two August 2009 rent reviews on the food stores at Market Place, Bedale and Ainderby Road, Northallerton that were both referred for Independent Expert determination during 2011.
Both leases provided for reviews to be upwards only to the higher of open market value or a minimum fixed increase set out in the rent review clauses. In both cases the landlord contended that market value was in excess of the specified fixed figure. This was disputed by Sanderson Weatherall and the recommendation was made to proceed with a third party referral on each case. Both reviews were subsequently referred to separate Independent Experts. In both cases the nominated Expert determined a rent below the minimum figure and thus the rent increased to the specified minimum figure only. The best possible outcome was achieved.
John King - Regional Portfolio Manager, Co-operative Group
I was impressed with the professionally thorough approach adopted by Sanderson Weatherall here in securing the best results achievable on each of these reviews.
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