Lease Renewal - St Cuthbert's Street, Bedford

March 30, 2022

St Cuthbert's Street, Bedford - 1,700 sq ft office building

Overview

The tenants 5 year lease was coming up for renewal. Having acted for our client (the landlord) on the original letting and the rent review at the end of the 3rd year of the lease, we were instructed to provide rental advise and to negotiate terms of a new lease with the tenant.

 

Result

Despite the office market being relatively flat because of the increasing volume of staff working from home, our agency surveyors based in Bedford had agreed several new office lettings prior to the lease expiry date. There was enough rental evidence available upon which to establish an opinion of value. After a period of negotiation with the tenant a new 5 year was agreed with an uplift in rent of 12% and a rent review at the end of the 3rd year.   

 

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