|Sainsbury's appeal 42% rent hike|
Local supermarket feels the pinch of rent review decision
Love them or loathe, few could deny that Sainsbury's rent hike of 42% is somewhat steep.
According to an article in Property Week, the supermarket last week launched an appeal against a rent review that would see an increased rent of more than 40% for its Chiswick store.
Arbitrators found in favour of the landlord, British Land deeming the £10 per square foot rise fair. The record rise brings the rental bill to £30 per square foot of the 75,700 square foot store (that's £2,271,000 a year to save you reaching for the calculator).
The supermarket chain are appealing on the grounds that the method of valuation was wrong.
A spokesperson told the property industry's magazine "We can confirm that we have made an appeal against the rent review at our Chiswick store. We have a number of concerns about the approach to the valuation in the award, which we have sought professional advice on."
October 12, 2006