DWD are retained advisers for SPACE Studios and represented them in negotiations for the 2016 lease renewal at Victor House, 282 Richmond Road, London E8.
The property extends over 11,000 sqft of artist studio accommodation. The passing rent from the 2011 review, also set by DWD, was 55,500 per annum.
The landlord proposed an annual rent at over £230,000, equating to £20 per sqft.
DWD were successful in negotiating a significant rent reduction for the lease renewal on favourable terms at a net figure of £110,000 per annum, equating under £10 per sqft. We also agreed a stepped rent profile which helped SPACE for budgeting purposes.