55 Bishopsgate, EC2

Significantly reducing dilapidations claim for Brit Insurance
Brit Insurance wanted to minimise the dilapidations claim against their leases on their office floors in 55 Bishopsgate.
Brit Insurance
How we met the objective

The tenant had occupied a number of floors in the building over many years and there was speculation in the market that the landlord would apply for change of use to the ground floor and basement units for retail.  On this basis, we advised we would not undertake any works to these areas.  In addition, it was assessed that limited repairs and decoration would be necessary to comply with the contractual obligations of the leases, so no works were undertaken. The claim from the landlord was £75 per sq ft, so we began our negotiations and waited to understand what the landlord would do to the building. 

As a result, we were pleased to settle the claim at £14 per sq ft, which was 81% of the original claim.

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