Morgan & Clarke received instruction from the Tenant of a highly reputable wine and food-focused pub, situated in a desirable area of West London, to assist with a rent review, specifically the free-of-tie rent negotiation following the Tenants MRO request.
We presented a solid case to Stonegate and swiftly concluded the negotiations, settling at a reasonable free-of-tie rent without troubling a third-party surveyor and saving our client further professional fees associated with a referral to Independent Assessment under the Pubs Code.
1. Stonegate MRO 'Full Response' - £70,000
2. Negotiated settlement - £63,000
3. Passing Tied Rent (Plus tie release fees) – c.£57,000
The MRO (free of tie) rent negotiated with Stonegate represents a totally free-of-tie trading operation marginally higher than the passing tied rent, inclusive of tie release fees on wine, spirits, and minerals.
This settlement adds to our list of positive outcomes and satisfied clients in West London.
Our team can help with rent reviews, lease renewals, third-party representation, Pubs Code / MRO, general advice on all lease-related matters, Landlord & Tenant issues or disputes.