After failing to agree terms with the Landlord, of this pecuilarily difficult building, to operate as a Casino we, acting for Caesars Entertainment EMEA, were left with no option, but to refer the case, to an Independent Expert's Determination.
The reserved rent of £1.1m per annum established in September 2005 was, in our opinion, above the Market Rent on review in September 2015, in part, due to the Smoking Ban and increased competition in the area.
After a dogfight with the Landlord’s Surveyor, submissions and counter submissions were made to the Appointed Independent Expert, who determined the rental value, at below £880k per annum, notwithstanding the Landlord’s valuation, at more than double that figure.
Anthony Lorenz comments "We can’t do any better than to secure a no increase Rent Review, for our Tenant Clients, and are thus very pleased with the determination. It’s just a pity that the Landlord didn't accept our contentions that there should be no increase, which could have saved time, and costs involved in the Dispute Resolution process.”
Mike Rothwell, Managing Director of Caesars Entertainment EMEA states.
"This was a particularly difficult building from which to operate a Casino and that’s why we ceased trading from the premises some years ago. I’m pleased with the final outcome and we appreciate the great work put in by Anthony Lorenz and his team.”
THE LORENZ TEAM ARE NOW MOVING ON TO THE ARBITRATION OF A MAJOR HIGH ROLLING MAYFAIR CASINO.
News topics: News Article, Mayfair, Lease Renewal, Commercial Property, The Lorenz Consultancy, Lease Expiry, Investment, Office Letting, The Landlord & Tenant Act