Jamie's Italian - G1, George Square
First rent review since initial letting, the rent was the highest restaurant rent in Glasgow when let, in addition to which the basement trading space had initially been rentalised at 75% of the value of the ground floor rental rate, despite convention suggesting 50%.
Negotiations proved futile and the case was referred to Arbitration. Tenant’s unwillingness to accept the value of the large to the basement of the void in the ground floor slab. This was the only route open to us in order to re-validate the treatment of basement trading space.
Significant increase in rent, well above client expectations and setting new Zone A rate for this micro location.
- Basement trading space valued at 75%
- Old rent £221,000 pa
- New rent £246,000 pa