O’Neill & Co were engaged by Rascals Brewing Company in 2023 to offer guidance and assistance with their commercial rent review.
At the time of engagement, the company had occupied the property for 5 years of their 15-year lease. As is usual in commercial leases, there is a rent-review clause every 5 years.
The landlord served a rent review notice on the tenant and was seeking a rent increase of in excess of what they had anticipated, & what in O’Neill & Co’s expert opinion was above the market value for the property.
O’Neill & Co. represented the client for the purpose of agreeing/settling the rent review.
We inspected the subject property and reviewed the lease, with particular attention given to the rent review schedule.
We undertook market analysis of similar-type properties in the immediate and wider area and formulated our opinion of the market rental value of the property.
We engaged with the landlord and presented on the comparable evidence provided by them in seeking the rent increase. We put forward our own market analysis and the rationale for our opinion of market rent.
We managed to agree a reviewed rent with the landlord which was less than 50% above the passing rent and in line with market rents for similar-type properties.
Following the favourable outcome of the rent review, Emma Devlin, General Manager of Rascals Brewing Company said:
‘We were very happy with the work carried out by O’Neill and Co. We had contacted numerous other valuers before O’Neill & Co. and knew when we spoke to Darac and Stephen that O’Neill & Co. were the company for us. They had a nice manner to deal with and are experienced in the specific issue we were dealing with. In the end, they negotiated very well and I feel we got the best possible outcome we could have got.’