These are often seen as a “necessary evil” for many with property interests, either as owners or occupiers. From an owner’s perspective, rent reviews are a mechanism to catch up with the market after a period in which the rent has been fixed by the lease. From the occupier’s perspective, any opportunity for a landlord to increase the occupier’s fixed cost base is always unwelcome. Rent reviews can be very technical and involve measurement, consideration of positive/negative property attributes which may affect value, compilation and analysis of market evidence and requires a detailed understanding of the lease, in addition to having an appreciation of the wider economic drivers. Depending on the position within the market cycle, rent reviews have the capacity to substantially increase asset value after agreement of a higher rent, or significantly increase the level of fixed cost for which an occupying business may be liable.
Where it is not possible to agree the rent amicably between landlord and tenant, a third party Expert or Arbitrator is called upon to “determine” the level of rent due under the terms of the lease. We are highly experienced at drafting compelling arguments in submissions and rebutting the arguments from the other side in counter submissions, both of which are lodged with the third party. In addition to making representations to a third party, MAPC are often called upon by the RICS to act as the third party, giving valuable insight into all three roles in the process.
Whichever side of the fence you occupy, it is important to ensure rent reviews are properly contested to either make or save money and you hire the best possible advisors to act on your behalf.
Why choose MAPC for your rent reviews?
MAPC have been conducting rent reviews of office and industrial/warehouse properties throughout the UK for 30 years, acting predominantly for tenants/occupiers, seeking to reduce landlord rental aspirations and drive the best value for our clients, whether that is achieved through an amicable negotiation, or advocating cases in front of Independent Experts or Arbitrators.
Our experience, research and contact base allow us to source and analyse the evidence upon which your rental valuation will be supported, supplemented with forensic interpretation of often complex lease terms, detailed property inspection and measurement, consideration of market forces all combine to ensure our clients are strongly represented and secure the best possible outcomes at rent review.
Our case studies and client testimonials highlight our experience and client satisfaction.
Mark Allan Property Consultants are here to help you navigate the complexities of rent reviews. We follow an established and proven process to ensure the best possible results every time, all in line with RICS guidance and rules.
WHAT OUR CLIENTS SAY
“Mark has worked with Edrington Group for nearly 20 years in which time he has provided a full range of property advice across the UK, Europe, Middle East, US and Asia. This has involved him acquiring and re-gearing leases for our various offices, managing fit outs, resolving rent reviews and generally doing everything and anything required for our leased offices. ”
Chris Hendry, Head of Indirect Procurement, Edrington Group
"Mark has supported us with managing our UK and Nordics depot and office property portfolio for circa 20 years. He has interacted seamlessly with our external legal advisers and colleagues at all levels and functions across our business to help us achieve best possible outcomes."
Louise Harrison, Head of Legal, Aggreko Europe North
“Mark helped us succeed in effecting sequential moves of offices in Glasgow, Edinburgh and Belfast; each against a background of challenging timescales, an uncertain space market and a re-defining of the office environment. His market awareness, commercially minded outlook and the ability to support across a number of specialisms undoubtedly contributed to us achieving that efficiently and importantly, whilst we maintained business as usual on behalf of our Clients.”
Scott Ewing, Regional Director, Gleeds
“We have been working with Mark for more than 20 years. During that time he has helped us negotiate initial office leases in Glasgow, Liverpool and Aberdeen, renegotiate office leases, completed rent reviews, carried out market analysis studies to assist us when looking for alternative locations, coordinated dilapidation negotiations and, also, managed a recent office refurbishment for us.”
Eddie McDermott, Finance Director, V Ships UK Ltd
“Mark has worked closely with our business for over 20 years, having been involved with everything to do with various office leases, across various locations, as we have moved through the growth and contraction phases of business cycles. We find he has been an excellent business partner and is always able to give sound advice, provide a useful sounding board as we decide how to arrange our various leases, before delivering what the business needs. ”
Al Arnot, Finance Director, Concept Systems Ltd
"We have worked with Mark for more than 5 years, since he was
introduced to us by a trusted adviser. We have multiple offices, each
with different issues and needs. Mark understands our business really
well and has the expertise and experience we need to advise us on all
aspects of our tenancies.
We regularly refer Mark to our clients."
David Smith, Managing Partner, Henderson Loggie
"We asked MAPC to assist us in moving from a 3-storey, compartmentalised office into a single open plan unit on the edge of Edinburgh city centre, with the opportunity to grow or shrink as required. Mark managed to satisfy all our objectives with finding the new office. In addition, he introduced us to a designer for our fit out and managed the whole project, which included procuring a contractor and other consultants to help design and build what we needed."
David Miller, Managing Director, Alpha Data
"I have known Mark in a professional capacity for a number of years,
most recently working with him on a complex rent review case, where he
was directly advising a corporate client.
Mark's knowledge of the commercial property market is extensive across all market sectors and I would highly recommend him for all lease advisory work, particularly rent reviews, lease renewals and lease restructuring, where you may be aiming to add value to existing properties or portfolios."
Eric Thomson, Thomson Property Consultants Limited
"I have worked with Mark for seven years; simply, I would not attempt a deal without his knowledge, insight and intelligence. Mark has your back."
Neil McCallum, Managing Director, Critiqom
"Mark has provided full occupier services to every business that I have been associated with- his ability to report efficiently on niche markets providing diligent, conscientious and professional advice in the most thorough manner, makes decision making more informed and painless. His contacts and specialist knowledge are extensive and lead to an ‘over and above’ service."
Joseph Madden, Director, PMP
"Mark has worked with CDN through several reincarnations providing advice primarily on rent reviews, but also considering potential relocation options. He has good knowledge of the property market, is technically very good, continually keeps us up to date and is a tenacious negotiator, who has always delivered good results for us. We are pleased to have him as part of our wider team and would have no hesitation in recommending him to others."
Gayle Watson, Chief Executive, Scottish Colleges.
"I have worked with Mark for a number of years, where he has acquired (sometimes substantial) offices for us, re-geared leases and undertaken rent reviews in Aberdeen, Glasgow and Newcastle. Despite various challenges arising, he has provided good advice, with good knowledge of the markets, and always been on hand to resolve problems. I have been impressed with his service getting the best deal possible, have enjoyed working with him and am happy to recommend his service to others."
Joe Hannon, Head of Real Estate Services, AMEC Foster Wheeler plc