Bureau de change owner Wall Street Forrex is suing landlords Burford London Pavilion, London Trocadero General Partner 1 and London Trocadero General Partner 2 for £650,000 in damages. It claims that major construction work at Piccadilly Circus underground station has turned its concourse location from a prestigious and bustling site into a dangerous and unsuitable area.
The writ says that the managing agent, Jones Lang Wootton, now called Jones Lang LaSalle, wrote to Forex in 1998 advising it that extensive building works were to be carried out. Its letter said: “The majority of the works will proceed at night to minimise any disruptions. As part of this refurbishment, the escalators from the ground floor up will be completely rebuilt. I trust this will cause you only a minimum of disruption.”
However, Forex alleges that it suffered substantial disruption and damage to its property throughout the two-year period of building works, and claims that its site has been downgraded because the escalator has been removed and because it is the sole occupier on the concourse floor, which has since become a “featureless corridor”.
Forex contends that its landlords are in breach of covenant, resulting in loss of commission and other income worth £190,518. It also seeks damages in respect of inflation and for losses covering increased spending by overseas visitors, and continuing losses of £67,500 pa until the end of the lease.
PLS News 28/6/01
