OBTAINING OVER $119,000 SAVINGS IN BASE RENT
Our client had planned to refresh/remodel their showroom and budgeted $120,000 of capex for this renovation. They had already started the work once Landmark got involved in this transaction. The location was up for a renewal in the coming year and the client was paying a net rent of $20.25 per square foot which is over market rate for the region of Charlesbourg, Quebec.
Landmark met with the landlord on site to negotiate the renewal transaction and requested the landlord to either pay for the work or to lower the rent in exchange for a longer term since the location is profitable as per the client.
Landmark secured a 10-year term and achieved a 19% decrease in rent for the first 5 years. Negotiated average net rate for the 10 years being $17.07, it represented over $119,000 in savings of base rent over the renewal term.