Curchod & Co, the independent commercial property specialist, has saved Phyllis Tuckwell thousands of pounds as the result of negotiations undertaken in connection with a rent review on the charity’s retail property in Guildford.
The ground floor, town centre shop, at 61 Quarry Street in Guildford, was scheduled to have a rent review in July 2018. The annual rent for the retail property, which extends to around 1,000 sq ft, was previously set in 2013 and, after five years, the property owner was seeking a substantial uplift.
Curchod & Co presented evidence to the landlord’s advisor, showing that while values had risen since 2013; the market value of the property was actually far lower. The negotiations were recently concluded with Curchod & Co’s rent review expertise confirming a saving of almost 70% on the landlord’s initial proposal.
As part of its commitment to supporting hospices across Surrey, Curchod & Co undertook the rent review negotiations for Phyllis Tuckwell without charge, providing a further saving for the Farnham and Guildford based charity.
Tim Alden, MRICS, of Curchod & Co commented: “Understanding the dynamics of local markets and being able to demonstrate where values stand is a vital part of the rent review negotiation process. It was an honour to be able to achieve substantial savings for the charity, helping to support the important and valuable work Phyllis Tuckwell does for the community across south west Surrey and north east Hampshire.