BACKGROUND
The property is situated in the Old Town area of Runcorn.
The property comprises a purpose built retail unit built in 2004 which lies adjacent to a car park within which the occupier had rights over 120 car parking spaces.
The subject property was subject to rent review effective from 3 June 2009 and, following the parties’ inability to structure a settlement by negotiation, a revised rent was subject to third party proceedings.
OUTCOME
Following the preparation of the Reports and Replies, the appointed Arbitrator determined a revised rent of £151,200 pax in lieu of the previous rent of £139,500 pax.
In percentage terms, the Arbitrator’s Interim Award was approximately 40% below the landlord’s agent’s opinion of value, with the increase being limited to 8% above the passing rent.