Crust Bros,
29 Bedford Street,
Covent Garden WC2
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Date
March 2025
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Client
BNP REIM
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Instructions
Agency
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On behalf of the overseas investor, BNP REIM appointed Kenningham Retail on the upcoming lease expiry. The existing tenant had no security of tenure protection and was initially unwilling to offer a rent a uplift.
Our advice to the client was that we felt there was significant value in the property that was not reflected in the rental proposal.
We marketed the opportunity subject to vacant possession and achieved 12 new lease offers in what was one of the most competitive bidding processes we had seen post Covid. Ironically the existing tenant also belatedly entered the bidding at significantly higher rental level than they had previously offered. Our advice to the client was to move to a best bids scenario and ultimately Crust Bros were secured as a new tenant at competitive terms.
