Our client Vzaar occupied 3rd floor offices in Vauxhall, London, which were subject to a lease renewal. Vzaar required a further 5 year lease but also a tenant’s break option after the 3rd year. In addition, the lift had a history of expensive repairs shared equally between our client and the two other occupiers.
We established a cost of £80,000 for a new lift and the landlord committed to replacing it within the first 6 months of the new lease. We persuaded the landlord to pay 50% of Vzaar’s share and to cap this at £10,000. We negotiated a 5 year lease and secured a tenant’s break option after 3 years with the first 6 months at half rent plus a further 4 months at half rent if the break option is not exercised.
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