Unit 5 Gloucester Retail Park
- Client: Picton
- Services Provided:
- Lease Advisory
The Instruction
Our lease advisory team was instructed by Picton to carry out a rent review on Unit 5 Gloucester Retail Park, a prime drive-through outlet on a popular and established retail park in central Gloucester. The property was purpose-built in 2017 and the rent review was the first review under the lease, effective in August 2022.
The tenant is a franchisee of Starbucks and the unit serves both drive-through and drive-to-trade under an A3 retail use lease.
Our Approach
Following the completion of other landlord work in the local drive-through sector, our lease advisory team provided initial market advice to Picton, advising that the property was under-rented. We were then instructed to trigger the rent review, and subsequently enter negotiations with the tenant and their representative.
Results
Using our strong local market knowledge and lease advisory expertise, we were successful in negotiating and documenting an increase in rent amounting to 30%.
