Our knowledge of market conditions coupled with our careful research means we are perfectly placed to handle even the most complex of negotiations and difficult arbitration & expert dispute resolution processes.
We work closely with landlords and tenants to provide practical and professional advice that delivers the best possible outcome and ensures that future negotiations are as smooth and as beneficial as possible.
Some of the benefits of Carr & Priddle’s rent reviews service:
Some of the benefits of Carr & Priddle’s lease renewals service:
For further information about rent reviews and lease renewals, or to get lease advice, please contact our friendly team.
Director
Michael has more than 25 years’ experience having worked in the construction industry since graduating from university. His vast experience covers both social housing and the private sector, particularly compliance. Michael very much enjoys the variation of his role as director of Carr Priddle Management. In his spare time, Michael relaxes by walking his miniature Schnauzer and enjoys gardening and cycling.
A commercial rent review is the process of assessing the rent paid on a commercial property and adjusting it in line with current market conditions. The majority of property leases will specify that rent can only be increased or stay the same, even if market prices are falling.
Generally, commercial rent reviews will take place every three to five years. However, the exact time will depend on what is specified in the terms of the lease.
There is a variety of ways commercial property rent can be calculated. These include:
Open market value – this is when the rent is based upon the property’s current market value i.e. how much it would be listed for on the open market. A professional commercial property agent is required to provide an accurate assessment of current market conditions.
Turnover – most commonly used in the retail sector, this is when rent charges are calculated based on a business’s financial turnover. However, a minimum rent level will apply.
Periodic – this is when rent will increase at regular intervals, usually in line with the RPI (Retail Price Index), as set out in a property’s lease agreement.
This depends on market conditions and the terms of a property’s lease. On average, rent for commercial properties will increase by approximately 1% to 2% annually in line with the RPI (Retail Price Index).
Yes. However, this will depend on the terms of the property lease as to when and how often rent will be increased. We strongly recommend that you fully understand the terms of a lease before committing to any property.
This will depend on the details specified in a property’s lease agreement. However, a landlord can evict a tenant for a number of reasons, including if a tenant is in violation of the terms of a property lease or fails to pay the rent.
Before renting a commercial property you will need to provide information that shows you will be able to cover rent and other associated costs. This includes providing paperwork and proof, such as your personal credit history, company balance sheet, profit and loss statements, open credit lines and growth projections. For small companies or start-up businesses, owners will usually be required to sign a personal guarantee.
Before committing to a commercial property investment you should always seek the advice of a professional such as a qualified surveyor or an experienced commercial property agency, such as Carr & Priddle.
A good rental yield will be around 5% and upwards.
A lease renewal relates to the legally binding contract that sets out the terms and conditions to be agreed between landlords and tenants for the rental of a property. This includes information about how a property can be used for business and commercial purposes along with when rent reviews will take place. It is highly recommended that landlords employ the services of a professional commercial property agent, such as Carr & Priddle, to deal with lease renewal negotiations on their behalf.
Commercial property landlords are responsible for ensuring that leased premises are safe and in good order and repair at the start of the lease period. Landlords need to ensure that property is properly maintained and that they make all the necessary repairs and replacements to keep buildings in a good and safe condition. Responsibilities should be clearly stated in a property’s lease.
A commercial tenant’s responsibilities should be clearly stated in a property’s lease. This includes paying for items such as building insurance, service charges and ground rents.
Don’t just take our word for it. Find out what our clients have been saying about our commercial property services.
To book a valuation, please get in touch by completing the contact form below. Alternatively, for FREE no obligation advice, you can call us on 01273 208010 or send an email to info@carrpriddle.co.uk.