In October 2016 we were brought in to handle an outstanding rent review on 2 Hay Hill on behalf of the Tenant.
The retail premises comprised 1,692 sq ft arranged over ground and lower ground floors.
It quickly became clear that the rent was likely to increase to an unsustainable level, mainly due to a recent letting on the adjacent unit.
Hence, we were instructed to market our clients lease by way of assignment.
Following an extensive marketing period, in March 2017, at the eleventh hour, we completed a surrender of our client’s lease, subject to a simultaneous new lease being granted to gallery expanding from Shoreditch, and our client receiving a premium capital contribution from the incoming Tenant.