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Land Securities plc and others v Fladgate LLP

 

Lord Justice Etherton :

.At the material time the Defendants occupied the offices under a lease dated 5 April 1988 for a term of 25 years from 25 March 1988, and so expiring on 24 March 2013, at an annual rent of £820,000.By the end of 2005 the Defendants’ management committee had decided to make plans for the future expansion of the firm into larger and newer premises with a longer term.In January 2006 they decided to instruct property agents to arrange disposal of the residue of their existing lease and to find those other premises.

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