Our most recent cases have included acting for landlords acting as an Independent Expert to provide a valuation of the Market Rent Option in trading entities in Suffolk and Norfolk. These have been in cases where an Independent Assessor has been appointed and both parties are bound by procedures set out in Section 37 of The Pubs Code Regulations 2016.
In assessing Fair Maintainable Turnover (FMT) consideration has to be given to personal goodwill, tenants improvements, operating costs, dilapidations and gross profits among other considerations. In the most recent case the Independent Assessors rental determinations resulted in a favourable 35% increase on a Market Rent Option basis.
- Market Rental Option (MRO) - assessing free of tie and tied market rents, now available to all tied tenants upon a certain trigger event allowing a tied tenant the option of a market rent option, i.e. free of tie rent
- Expert Witness – independent professional opinion used in disputes. Most recently Tom Nichols has acted as independent Expert in a Planning Appeal held at Public inquiry relating to the valuation and viability of The Cabinet Public House, Reed. Tom was instructed by the local community group, Save the Cabinet Action Group (SCAG) acting alongside North Herts District Council (NHDC) against the unlawful change of use to residential. The Planning Inspectorate is expected to make a determination in early 2019.
- PIRRS - pub independent rent review scheme