Recent times have been difficult for landlords of retail property, but the renewal of leases still needs to be dealt with. In many cases tenants have tried to avoid committing to a new agreement or avoid the issue. This is an example of securing a positive outcome for a landlord faced with that problem.
This shop is a convenience store in a small neighbourhood retail parade. The lease had expired and the corporate tenant, One Stop, was refusing to respond to approaches to renew it. That could not be allowed to continue indefinitely.
The answer was for us to enforce the statutory deadlines of the renewal process laid out in the 1954 Landlord and Tenant Act to the landlord’s advantage. Faced with a potentially costly and unnecessary court case the tenant cooperated and a new lease was agreed.
By using our in depth knowledge of the local market a significant increase in rent was secured for the landlord from £20,500 per annum to £24,500 per annum despite the difficult current market situation. A combination of determination, understanding the law and market knowledge solved our client’s problem and gave them the result they needed.
Our experienced team is ready to assist with unparalleled regional advice.
