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No. 1 Park Row, Leeds

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The Challenge

The property comprises a first generation, late 1990s grade A office building situated in the heart of Leeds city centre. The building is demised in its entirety to Pinsent Masons LLP with an outstanding rent review effective from 30th July 2014. The Leeds office market was still fragile having gone through an extremely challenging period in the wake of the 2008 banking crisis. The client sought an advisor to accept the challenge of securing a rental increase against very difficult odds.

The Solution

Cushman & Wakefield were successful in persuading an Arbitrator to award a rental increase through presenting an alternative market based approach to the valuation exercise which focused on:

  • ‘Reverse quantum’ theory
  • Fit out cost & duration
  • Office agency intelligence
  • Market dynamics analysis

The Results

Cushman & Wakefield were successful in securing the first rental increase on a prime office building in Leeds for seven years, against market expectations. This led to:

  • Rental increase of £18,250 pa
  • Cap val increase of £300,000
  • C&W’s appointment on other prime buildings in Leeds including Princes Exchange, No.1 Whitehall Riverside and Lateral

The creative approach to the interpretation of comparable evidence and its application to the subject premises was key to securing an uplift. His diligence, professionalism and determination to succeed all contributed to the positive outcome” - Alan Syers, Portfolio Director, Evans Property Group

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