Client:
The Mayor & Burgesses of the London Borough of Islington
Role:
Advising the client, a tenant, on
exercising a break clause and minimising the dilapidations liability
exercising a break clause and minimising the dilapidations liability
Value:
Contractual claim: £800,000
Set Square provided the client with an exit strategy to minimise their dilapidations liability which involved undertaking some of the works and negotiating a financial settlement for the remainder of the claim.
Added Value:
- The overall liability for dilapidations was reduced by approximately £650k, with the client also eliminating its future liabilities for the building through rent, rates liabilities etc
- In the period leading up to termination, Set Square advised the client on essential maintenance expenditure and assisted in reducing the expenditure for lift refurbishment by approximately £80k