Key Capital – Rent Review
Company Profile – Key Capital
Key Capital is a leading corporate finance, wealth, and investment advisor in Ireland. It services over 300 substantial families, individuals, and business owners. They are the trusted advisors of choice, known for their personalized service and expert advice.
Our Role: Rent Review
Our responsibility was to represent Key Capital in a rent review negotiation for their offices at Huguenot House in Dublin 2. This review took place at the onset of the Covid pandemic. We were instructed to handle negotiations as the Landlord’s proposed revised rent was deemed unacceptable to them and negotiations had stalled. We had to proceed to Third Party Arbitration in order to settle the review.
Key Capital occupies the entire Second Floor and part Third Floor of Huguenot House. At the effective date of the rent review, the landlord’s advisor proposed a rent increase. Key Capital considered this unacceptable, prompting their decision to engage our services.
How We Helped
In conjunction with the review clause, understanding the original facts around the condition of space at the time of lease commencement is crucial to determining a fair rent at review. To assist us with the latter, we sourced photographic evidence and schedule of condition documentation from Key Capital’s fit-out contractor. These documents clearly showed the offices from when Key Capital first took occupancy (pre fit-out). This was crucial, as most leases contain a clause in the rent review schedule that disregards any tenant-implemented fit-out for the purposes of assessing the revised rent. This information was crucial in the arbitration process, helping us illustrate the property’s ‘inherited’ condition and benchmark against relevant comparable evidence.
The arbitration process resulted in a fair outcome (given the facts). Key Capital were very satisfied with our diligent and comprehensive approach to negotiations.