Friday, 3 July 2020

Yeah! Go retailers!

From The Guardian:

Landsec, the property group behind the Trinity Leeds shopping centre and Bluewater in Kent, said struggling retailers paid less than a third of the rent due last month.

Retailers paid only £9m of the £31m rent due on stores on 24 June, which equates to 29% of the total. This time last year its retail tenants paid 92% of the bill.

I'm sure that the £9 million they actually received is enough to cover their actual running costs (repairs, maintenance, security etc), so what's the problem? The land and buildings will still be there, unlike tenant businesses who won't be if landlords hound them for every last penny.


Gary said...

There'll probably be a service charge payable by tenants to cover all those outgoings you mention. So even more of the £9m can go straight to the landlord.

Mark Wadsworth said...

GC, the article is not clear on that bit.

Robin Smith said...

That's rather a prejudiced view. Each tenant and landlord freely and willingly signed the lease contract. Sure, if both sides agree to break it equitably, then fine