MARCH 2021

The property comprises a ground floor retail banking facility with three floors of offices above. The property is located in a prime position on Grey St, the centre of the City’s leisure sector.

Lexicon CRE represented the Landlord in negotiations with the advisers to Royal Bank of Scotland. The case required preparation of a full report on behalf of the Landlord providing advice and dealing with solicitors in responding to a section 25 notice issue under Part II of the Landlord and Tenant Act 1954. Following extensive negotiations, the parties were unable to agree terms and the matter was referred to the County Court to adjudicate. Lexicon CRE produced an expert witness statement on behalf of the Landlord and following cross examination of the Tenant’s statement a schedule of agreed facts was produced. Following further negotiations the parties were able to agree a renewal of the lease and avoid significant further costs.

The case was interesting and challenging given that the valuation date effectively fell within the period of the pandemic in November 2020. That required a degree of judgement and skill on behalf of both parties given the uncertainties surrounding the market for premises in the City.