Maughan Mitchell acted for, long-standing Business Rates client, Carpet Barn, in Rent Review negotiations, on their 20,000 Sq Ft retail warehouse / warehouse unit, located within the main commercial area of Ferndown, Dorset.

The landlord initiated the November 2019 Rent Review proposing a whopping 75% increase, up from the rent level agreed at lease commencement in 2004, working off an area of 20,370 Sq Ft.

Upon inspection with the landlord’s agent we were able to agree a lower floor area, taking off over 200 Sq Ft from that initially proposed, as well as agreeing useful factual detail, including that the subject had certain disadvantages including its long narrow site and irregular shape.

As usual, we undertook a comprehensive review of rental evidence across the estate and wider area and considered each comparable building and transaction, with particular focus on the specific detail of the subject, including it’s age and quality, office content, shape, size, location and the lease terms. By drilling into the detail and engaging the landlord’s agent in in-depth negotiations, over several months, we were able to reduce the landlord’s expectations considerably, finally agreeing a 20% increase; modest in the marketplace, particularly considering the limited availability of warehouse space and the use of the premises.

Rent Savings, over the period to the next Rent Review in 2024, amounted to in excess of £250,000.

Carpet Barn, Ferndown Industrial Estate, Wimborne, Dorset