Blu, Milton Keynes

The lease is within the security of tenure provisions of the Landlord and Tenant Act 1954. There is a stepped rent for the first five years of the term as follows:

• Year 1 - £142,375 pa
• Year 2 - £170,000 pa
• Year 3 - £191,250 pa
• Year 4 - £212,500 pa
• Year 5 - £267,750 pa

The vendor will top the rent up to £267,750 per annum from completion. The rent will be reviewed 5 yearly subject to RPI linked uplifts with a collar and cap at 2% and 4% per annum.

The minimum rent following rent review will therefore be £295,617 per annum.