Knight Frank Investments Management
Westferry Circus, part of the Canary Wharf complex, houses a mixture of office and retail space within this nine storey development. In response to a lease break situation, requiring the tenant to provide vacant possession as one of their obligations, TFT prepared terminal schedules of dilapidations for two office floors and negotiated a financial settlement on behalf of the landlord.
The leases referred to the same Schedule of Condition, which limited the tenant’s lease end liability. However, the schedule of condition didn’t offer very much protection as both floors had been substantially altered by the tenant after the schedule was prepared. As part of our instruction, TFT M+E provided specialist advice on the condition of mechanical and electrical installations on each floor and the breaches of covenant that existed. Their input was essential in the negotiations that took place. Our involvement and active management of the negotiation process enabled the landlord to be ‘in funds’ for the dilapidations prior to instructing contractors.