Wilkinson Williams

Rent reviews involving standalone retail warehouses with the benefit of A1 non food retail planning, situated adjacent major M&S developments in Warrington and Shoreham by Sea.

• Acting on behalf of Prudential Assurance in Warrington, advice provided with respect to the open market rental value of premises comprising a former "DIY" store of 30,488 sq ft, held on a lease by Boots The Chemists.
• The rent was increased by negotiation from £27.00 per sq ft to £37.00 per sq ft, generating rental growth of approximately 37% over the five year period.
• Acting on behalf of Hampshire County Council Pension Fund (c/o CBRE Investors) in a rent review of an existing Homebase "DIY" store in Shoreham by Sea.

A similar situation to Warrington involving a unit of 36,500 sq ft off a rent of £23.75 per sq ft, with the benefit of an unrestricted A1 non food retail planning consent, subject to potential Arbitration proceedings.

Both situations involve giving advice in conjunction with demographic research into the trading potential of the sites and comparable premises, i.e. "benchmarking".