What we found

ThThe landlord’s proposals had a common problem across both properties — market incentives required
by the lease were absent from both notices. Our review also uncovered lease-specific evidence that directly undermined the justification for the proposed increases on each property, drawing on context in the documentation the landlord’s proposals hadn’t accounted for. 

The more significant finding was in the market itself. The landlord’s comparable evidence reflected conditions from months earlier, a period when the market was moving in the landlord’s favour. By the time the notices arrived, conditions had begun to shift. Vacancies were increasing, asking rents were softening and incentives were rising. None of this was reflected in the landlord’s proposal. We provided real-time guidance throughout both negotiations, advising our client, helping with how to respond and identify where their leverage lay.

As the only valuation firm working exclusively for the tenant, we provided independent advice across
both properties simultaneously. From engagement in March 2025 to negotiated outcome, the entire process took two months, without ever needing to go to a formal determination.