EXHIBIT 10.15.1


 


FIRST DETERMINATION

ON RENT


 


Units 33-35

Parker Centre

Mansfield Road

Derby

DE21 4SZ


 





















 


FIRST DETERMINATION ON RENT

UNDER A LEASE OF PREMISES

KNOWN AS


 


Units 33-35

Parker Centre

Mansfield Road

Derby

DE21 4SZ


 


Determination of Philip Andrew Brian Dodd BSc FRICS MCIArb


 


1.                                       I Philip Andrew Brian Dodd was appointed
by The President of The Royal Institution of Chartered Surveyors by email
letter dated 19th September 2008
to act as an Independent Expert to determine a rent on the above property as at
6th January 2008.


 


2.                                       My appointment arises as a result of a
dispute over the rent payable on review under a lease made originally between
John Spencer Foxcroft, Arthur Paul Woollands and Christopher Noel Moore being
the Trustees of the Garrandale Limited Directors Pension Scheme (Landlord) and
Nexsan Technologies Limited (Tenant).


 


3.                                       A copy of the counterpart lease dated 23rd January 2003
has been sent to me and it is agreed between the parties that this is the
principal legal document in this matter.


 


4.                                       The current parties are John Spencer
Foxcroft, Arthur Paul Woollands and Christopher Noel Moore, being the Trustees
of the Garrandale Limited Directors Pension Scheme (Landlord) and Nexsan
Technologies Limited (Tenant).


 


5.                                       The parties representatives are D Brown
Esq BSc.MRICS.ACIArb acting for the Landlord and A Wilson Esq BSc (Hons) ACIArb
MRICS acting for the Tenant.


 


6.                                       I set out my proposals and terms of
engagement in a document dated 9th October 2008.


 


7.                                       This matter has been dealt with by way of
written representations under terms of engagement agreed through the parties’
representatives and referred to in 6. 
Above.


 


8.                                       Representations from the parties were
received under cover of letters dated 5th and 6th November respectively.  Subsequently cross representations were
received under cover of letters dated 26th November 2008.


 


9.                                       The premises are held on a lease for a
term of ten years with a five yearly rent review.  The relevant rent review date in this case is
6th January 2008.  The rent passing prior to the review date was
£57,500 per annum exclusive.


 


10.                                 The provisions for rent review are
contained in Clause 6 of the aforementioned Lease and is stated to be based on ‘market
rent’ which is defined in the rent review provisions together with the
procedure for dealing with the rent review.


 





















 


11.                                 The main principal issues between the
parties can be summarised as:


 


·                  The interpretation of the provisions in the
lease and in particular the notional term to be assumed for the purposes of the
rent review and the effect of this.


 


·                  The total Gross Internal Area of the property
was agreed but the split between the principal uses internally and the
relevance of this was not.


 


·                  The relevant evidence to be considered in
this case.


 


·                  The rates to be applied in arriving at a
rental value.


 


12.                                 I have studied both the parties’
submissions, counter submissions and the Lease referred to above.  In addition I have made other enquiries which
I regard as being relevant to the valuation of the subject premises.  Furthermore I have considered the matter in
the light of my own knowledge and experience and the information and details
that have been made available to me.


 


13.                                 The Landlord’s representative has
contended for a rent of £89,000 (per annum exclusive).


 


14.                                 The Tenant’s representative has contended
for a rent of £58,250 (per annum exclusive).


 


15.                                 I carried out my inspection of the
premises on 10th December 2008
in the afternoon plus a brief re-inspection on Tuesday 10th February 2009
at which time I also looked externally at the properties which I consider to be
comparable to the subject property.


 


16.                                 I do hereby determine and decide that as
at 1st January 2008
the rent assessed in accordance with the terms of the above mentioned Lease is
in the sum of :


 


£66,750 (sixty six thousand, seven hundred and
fifty pounds) per annum exclusive


 


17.                                 My fees and costs for making this determination
amount to £3,363.76 including Vat. 
(£438.76) and the parties have shared these equally in terms of
payment.  The parties are responsible for
their own surveyor’s fees and any other costs.


 


18.                                 This is my first determination as the
Lease places upon me an obligation to determine the actual liability for my
fees and costs (Clause 6.4.1).  I will
deal with this matter after the parties have had an opportunity to consider
this determination.


 


	
  Signed:

  	
  /s/
  PAB Dodd

  	
   

  	
  Date:

  	
  12th February 2009

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  P A B
  Dodd Bsc FRICS MCIArb

  	
   

  	
   

  	
   

  
	
   

  	
  Appointed
  Independent Expert

  	
   

  	
   

  	
   

  



 





















 


Units 33-35

Parker Centre

Mansfield Road

Derby

DE21 4SZ


 


Final
determination of Philip Andrew Brian Dodd BSc FRICS MCIArb


 


1.                                       I Philip Andrew Brian Dodd made my first
determination on rent in relation to the above property dated 12th February 2009.


 


2.                                       At my request the parties have consulted
together and rather than making representations to me on the issue of costs,
they have agreed the costs issue between themselves.


 


3.                                       I therefore determine costs in line with
their agreement, namely that the parties in this matter will each pay 50% of my
total costs of this determination plus VAT.


 


4.                                       I make no determination in relation to
any other related costs.


 


5.                                       My determination is now final in respect
of all matters.


 


 


	
  Signed:

  	
  /s/
  PAB Dodd

  	
   

  	
  Date:

  	
  20th March 2009

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  P A B
  Dodd Bsc FRICS MCIArb

  	
   

  	
   

  	
   

  
	
   

  	
  Appointed
  Independent Expert