The property has been let to American Computer Company Rainmaker for a term expiring in March 2015 at an initial rent of £28,146 per annum exclusive (£6 per sq ft). The lease was granted outside the provisions of Part II of the Landlord & Tenant Act 1954 relating to compensation and security of tenure.
Commenting on the deal, Peter Da Silva said that the sub-letting proved particularly challenging, because notwithstanding the difficult market, it is always difficult to let relatively large amounts of space for very short periods (with no ability to guarantee an extension) due to any tenant having only a limited period in which to write off fit out costs and the requirement to potentially be forced to move a second time in a very short space of time. The trick was not only to find a tenant requiring short term space, but also to make the deal attractive enough to make it worth both the tenant’s while and also the landlord’s while. The low rent agreed, plus the saving to the landlords in terms of rates covered and service charge collected ticked these boxes even though it did involve a certain amount of arm twisting in so far as obtaining superior landlord’s consent was concerned.
If you require any further information on this property please do not hesitate to contact Peter Da Silva or Nick Reeve at Wadham and Isherwood.