…when it’s 12,030 sq ft!
Neon Survey’s Director Duncan Hallam explains why it’s important for landlords to challenge property areas conveniently listed as a round number.
I quite often see sales brochures where the area for the property is listed as a round number.
This always makes me feel uneasy because, in my experience, this is rarely the case. A few square feet can seem insignificant on the face of it, but an area measurement rounded down has the potential to lose landlords a noticeable slice of income over time. This is why you will always find me urging landlords to question round area figures.
Take the above example. At £100 per sq ft on a 50 year lease, the landlord is set to miss out on £150,000 income (100 x 30 x 50) over the lease period.
Rounded area measurements can also be a big problem on new build offices, when leases are agreed on the sq ft quoted at design stage. We find quite often when the building has been completed, the space in reality compared to what was designed don’t match.
How much income do you stand to miss out on?
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