The existing lease agreement included a fixed increase at the end of the lease assuming Matrix wished to renew their lease in March 2018. We presented our evidence to the Landlord to support our view that the current passing rent and the stepped increase in 2018 was substantially in excess of the market rent. Following a round of negotiations with the Landlords agent, we were able to agree a new lease with the landlords including a rent free of 16 months and a 20% reduction in the annual rent together with approval for some improved air conditioning and landscape improvements. The total savings were in excess of £240k in a 5 year period.

Matt Brown, Chief Financial Officer of Matrix, commented “We were very impressed that Hanway Commercial flagged up this opportunity at an early stage and we were very happy with their responsive and hands on service in agreeing the new lease and achieving substantial reduction in our net rent.”