A very successful rent review in Mayfair square
On behalf of our client, Angola LNG Marketing Ltd we have just successfully concluded the rent review in respect of their office lease held over the 5th floor at 5 Hanover Square, Mayfair.
Our client had a rent review dated March 2018 on prime office premises that we acquired on their behalf totalling approximately 7,600 sq ft at a passing rent of £105 per sq ft . The landlord, Mitsui Fudosan quoted a rent of almost £150 per sq ft and after very detailed negotiations over a sustained period of time the matter was referred to Independent expert. This resulted in a determination of the market rent to be £99.88 per sq ft, i.e. a nil increase from the passing level. This is despite our client having the benefit of six balcony areas overlooking Hanover Square and Princes Street.
5 Hanover Square is a landmark mixed-use development offering 63,500 sq ft of Grade A office accommodation, ground floor gallery space and five residential apartments in a prime West End location.
Designed by leading architecture practice Squire and Partners as a modern take on the square’s Georgian buildings, 5 Hanover Square is distinguished by its handsome brick façade, elegant proportions and high-spec finishes. Dramatic marble artwork by Italian artist Esther Stocker enhance the exterior walls.
For more information on this or any other transaction please contact one of the office agency team on 020 7734 7766