The below article extract was first published on the Estates Gazette website on 27th April and can also be found here.
Landmark’s Aaron Walder and Phil Steadman from Avison Young have produced an article entitled ‘How should rent be valued during the COVID-19 pandemic?’.
During the recession of 2008, the courts began seeing more trials of cases that in ordinary times might be expected to settle. Tenants put pressure on their landlords to reduce rent, sometimes substantially, whenever the opportunity arose. One such opportunity was at the statutory renewal of a business tenancy. It was not unusual to see trials where terms of a new tenancy were agreed, but experts were wildly apart on the new rent, because the available evidence led them to different conclusions. Given the unprecedented current climate, it seems likely that such a divergence between experts may well reoccur.
To read the full article, please follow this link.