Denbigh Mews, Denbigh Street, London, SW1
Denbigh Mews, Denbigh Street, London, SW1
We were instructed by the freeholder to act on their behalf in a rent review of a head leasehold interest relating to a collection of mews premises substantially refurbished by the tenant to provide office/studio accommodation together with a small residential unit.
Original lease granted in 1931 and extended in 1970’s with 40 years unexpired as at the review date. Rent review provisions unclear, including whether the premises were to be valued with vacant possession or with the benefit of existing sub leases. Matter referred to Counsel who determined that the existing sub tenancies should be taken into account albeit that the rents passing reflected improvements carried out by the tenant that had to be disregarded under the rent review provisions.
The matter was finally determined by an Independent Expert having received expert evidence from both sides, who determined an increase in rent of just under 19%.