Kensington Roof Gardens, 99-121 Kensington High Street, London
Client
Como Holdings
Area of Advice
Rent Reviews
Details
The premises comprise the iconic roof gardens as well as the nightclub on the 6th floor and restaurant on the 7th floor of a multi tenanted office building facing Kensington High Street. The restaurant offers incredible views across London and the nightclub allows access to the iconic gardens and infamous pink flamingos.
Our Role
We represented the landlord in negotiating the rent review against Virgin Clubs Ltd.
The rent review presented a number of challenges, some of which are mentioned below:
- The uniqueness of the property created a lack of direct comparable evidence.
- It was difficult to identify the difference between goodwill of the operator (which needs to be disregarded under the terms of the lease) and the inherent attraction of the roof gardens.
- Whilst being a well known location, the club / restaurant has no ground floor presence to attract passing trade.
- It was difficult to quantify the value of the panoramic views offered from the seventh floor restaurant.
Achievements
We successfully agreed a rent of £475,000 per annum being a 21% increase from rent passing of £392,000
We successfully agreed the rent review by negotiation, thus avoiding the delay, costs and risks associated with the Third Party process.