Landmark Bond Street office rent review

Landmark Bond Street office rent review

SHW has secured a landmark office rent review on Bond Street at the Time and Life Building.

The iconic Time and Life Building at the corner of Bruton Street and New Bond Street in Mayfair is an Grade II listed mixed retail and office building that was originally constructed in the 1950’s, though the office floors were significantly refurbished in 2017

Roger Dunlop of SHW says: "We were appointed by the 5th floor tenant, Silchester International Investors, to represent them on their April 2020 rent review. Despite the fact that the passing rent was already over £90.00 per sq ft and the review date was 3 weeks after the first covid lockdown was introduced, the landlord instigated the review by quoting a revised rent of £150.00 per sq ft – almost a 65% increase.

"Extensive negotiations with the landlord’s surveyor took place, but it was not possible to reach agreement on the market rent and so the matter was referred to an Arbitrator for his determination.

"Although there were other transactions in the building showing rents of £120.00 per sq ft, as a result of our well-researched case presented to the Arbitrator on behalf of the tenant, he eventually awarded a revised market rent based on a rate of £103.00 per sq ft on the 5th floor, leading to a rental saving to our client of over £290,000 per annum from the landlord’s original quoting figure."