In undertaking this extensive instruction for the leading retail asset within the Country, Bannon were involved from the outset, establishing a strategy for the review process which included assessing the relative strengths of the different locations and levels within the centre, benchmarked from what were considered the prime areas and reviewing the rent review parameters contained within each lease.

Using this analysis, the Rent Review team were able to make assessments based upon the transactional evidence as to the appropriate Zone A rate of rent applicable to each section of the Town Centre which presented a credible position upon which to base negotiations.

During the process both in 2010 where a base line level was achieved (first rent reviews) and the subsequent 2015 reviews Bannon undertook negotiations with numerous occupiers and their representatives seeking to reach negotiated settlements where possible and representing the Landlord in Arbitration hearings where Third Party adjudication was required (approx. 33% of Units).

It should be noted that one of the main challenges faced during the 2010 rent reviews was the debate surrounding the impact of Open Market Rent Reviews for retail accommodation following the introduction of new legislation from February 2010 effectively banning upward only rent review clauses and what the impact of same was on rental levels for legacy upward only leases.