A Supreme Verdict
Supreme Court has delivered its keenly awaited judgment in a long running claim
by Marks & Spencer to recover over £1m in rent from its former landlord BNP
The case involved exercise of a break option in the retailer’s lease at an office
in Paddington. The High Court originally upheld the occupier’s argument to claw
back overpaid rent for the period after it vacated. However landlord BNP won
the subsequent appeal.
The Supreme Court has now unanimously rejected Marks & Spencer’s contention that there
should be an implied obligation requiring a landlord to repay rent post
case highlights the importance of both landlord and tenant agreeing and clearly
documenting respective intentions in the surveyor’s Heads of Terms and in the
subsequent legal documentation.
Perkins’ lease advisory expertise in negotiating and drafting Heads of Terms
can help our clients and for further discussion please contact Tony Wollaston
or David Alcock.
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