BACKGROUND
Barnsley Retail Park is situated approximately 2.5 miles from Barnsley town centre.
The park extends to approximately 81,000 sqft and occupiers include Carpetright, Harvey’s and Dunelm.
The unit occupied by B&M was subject to rent review from 29 September 2009 and, following the parties inability to structure a settlement by negotiation, the revised rent was subject to third party proceedings.
OUTCOME
Following the preparation of the Reports and Replies, together with further Reports and Replies following an earlier Award on the park, the Arbitrator determined a rent of £209,750 pax in lieu of the previous rent of £208,750 pax.
Given the level of increase relative to the landlord’s agents Calderbank offer, Reports and Replies on the issue of costs were subsequently submitted to put forward on the issue of costs.
In percentage terms, the Arbitrator’s Interim Award was approximately 15% below the landlord’s agent’s opinion of value.