Landlord and Tenant, Rent Reviews, and Arbitration
With Hong Kong's often fast changing conditions, market rent is often not readily identifiable or agreed, particularly for larger premises at rent review. This may in part be due to exacting lease terms, and stipulated valuation assumptions and disregarded matters, as set out in modern rent review clauses, or options for renewal. These rentals, if not settled by negotiation, usually proceed to an independent valuer or arbitration for determination.Experience and Client Base
IC&A have over 30 years of market leading experience in processing rent reviews, ranging from over 225,000 sq.ft. of prime Central district offices, to a mere 500 sq.ft. We have acted for a very wide spectrum of clients, predominantly tenants, but also major Landlords, which include:
- Multi-floor anchor tenants, particularly banks, in prime Central office blocks.
- Major retail chains, including both Wellcome and Park'N Shop supermarkets, processing rent reviews at their main 'anchor stores', and at multiple branches throughout Hong Kong and New Territories;
- Many retail tenants, as well as extensive bank branch networks, plus:
- Consulates, shops, and a large volume of offices;
- Left: Complete industrial complex valued and processed at rent review.
- Centre: Exchange Square, where IC&A processed anchor tenant lease, rent reviews, and provided advice on compensation.
- Right: Retail bank branch valued for rent review.
- For prime Central district landlord acting as their sole and exclusive general practice surveying consultant over decades;
- For head leaseholder covering multi-level banking hall and offices within Standard Chartered Bank Building in Central, for 5 rent reviews over 15 years, and:
- Whole industrial buildings owners, amongst many others.
Our comprehensive services are tailored to the property and case status, but usually include:
- Initial tenancy review, evidence assembly plus valuation analysis, followed by detailed advice to client;
- Rent review strategy and targets, often not merely financial;
- Conducting direct liaison to seek to agree rent review, or possibly all new tenancy and rental terms, via a surrender - regrant;
- If no negotiated settlement can be reached, organize the appointment of an independent valuer with relevant experience, or other party for dispute resolution, and thereafter:
- Processing all elements of the rent review, including evidence analysis, detailed presentation and submissions. This may include lease interpretation and legal issues, therefore working closely with in-house counsel or appointed silk.
Importantly, some leases require processing by arbitration. Ian is a Fellow of Chartered Institute of Arbitrators, and has extensive experience both in acting in arbitrations, and as being appointed the arbitrator to determine rentals, as well as other property issues in dispute.
- Left and Centre: Development consultancy for Standard Chartered Bank Headquarters, and 15+ years of services on offices and banking hall.
- Right: Consulate and prime offices secured, and rent reviews processed, in Central Plaza.
Our prominent role in this field is evident through our very extensive client base and Hong Kong rent review casework for over more than 30 years, shown in the schedule accessible here. Furthermore, Ian Cullen's current or former appointments on panels, or committees, are most relevant, including:
- HK International Arbitration Centre's Panel of Arbitrators;
- HKIS List of Independent Valuers, and:
- RICS Worldwide Dispute Resolution Committee.
Finally, and crucially, we do not have any overriding business relationship with any particular landlord or group of companies, so can provide genuinely independent, unbiased advice, for your next rent review.
"Ian Cullen's surveying services have proven to be really special relative to other firms we previously engaged. He handles everything personally, and has achieved some fine results for Nishimatsu over the 15 years we retained him for processing rent reviews in our head leasehold interest in Standard Chartered Bank Building in Central. I can thoroughly recommend him for complex valuations, and landlord and tenant rent review services on prime offices and banking premises."
- Left: The Forum; IC&A advised Hongkong Land at Rent Review.
- Center: SCB Building banking hall.
- Right: Anchor tenant office leases in Ruttonjee Centre.
- Bottom: Multiple residential premises in Happy Valley and the Mid-levels processed at rent reviews.