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Middlebrook Retail & Leisure Park, Bolton

Middlebrook Retail & Leisure Park, Bolton

Client : Emerson Group

Instruction : Rent review negotiations

Instructed by the landlord, we negotiated the 2007 rent review due on the Hollywood Bowl tenpin centre at Middlebrook Retail & Leisure Park, Bolton.

The premises are held on a lease for a term of 25 years from December 1997 and the rent reviews are to be settled at the open market value. The passing rent was £255,500 per annum, equating to £8.30 per sq ft and there had been no increase in the rent at the first rent review in December 2002, which was referred to Arbitration.

We advised our client that we believed that we could secure an uplift in the rent and after providing supporting rental evidence we opened negotiations with the tenant.

We negotiated directly with the tenant, agreeing a revised rent of £273,350 per annum, £8.87 per sq ft, thus securing an uplift for our client, without the need, risk and additional cost of referring the matter to a third party.