64-84 Chisenhale Road, Tower Hamlets

Lease Advisory

Tower Hamlets

DWD represented Chisenhale Art Place Ltd in respect of the 2016 rent review at 64-84 Chisenhale Road, E3.

The property comprises four floors of artist studio, gallery and dance studio accommodation totalling over 33,000 sqft, with a passing rent of £47,000 per annum as decided by an Independent Expert at the 2011 review.

The landlord, London Borough of Tower Hamlets, proposed a rent of £207,000 per annum, representing a significant increase at an unsustainable level for the charitable tenant.

The rent review provisions were complex, which revolved around the assumed state of repair of the property, however after lengthy discussions, DWD were able to agree a rent of £138,500 per annum. DWD also negotiated a stepped rent arrangement which helped the charity for budgeting purposes and reduced the backdated arrears.

DWD are retained advisers for a number of artist studio providers including SPACE, ASC and Eat Work Art, covering rent reviews, lease renewals and business rates.


Project Overview

DWD represented Chisenhale Art Place Ltd in respect of the 2016 rent review at 64-84 Chisenhale Road, E3.

The property comprises four floors of artist studio, gallery and dance studio accommodation totalling over 33,000 sqft, with a passing rent of £47,000 per annum as decided by an Independent Expert at the 2011 review.

The landlord, London Borough of Tower Hamlets, proposed a rent of £207,000 per annum, representing a significant increase at an unsustainable level for the charitable tenant.

The rent review provisions were complex, which revolved around the assumed state of repair of the property, however after lengthy discussions, DWD were able to agree a rent of £138,500 per annum. DWD also negotiated a stepped rent arrangement which helped the charity for budgeting purposes and reduced the backdated arrears.

DWD are retained advisers for a number of artist studio providers including SPACE, ASC and Eat Work Art, covering rent reviews, lease renewals and business rates.


Contact

Richard Greeves

020 7332 2109

richard.greeves@dwdllp.com

Contact

Toni Lodeiro

020 7332 2119

toni.lodeiro@dwdllp.com