The Darwin Shopping Centre, Shrewsbury

UK retail: turnover-based rents are “way of the future”

Turnover-based rents in the retail and leisure sector are not new. But judging by media coverage in recent weeks, suddenly they seem to be everyone’s favourite route forward for the post-coronavirus world. We’ve used turnover-based rents at London Designer Outlet, the capital’s leading fashion and lifestyle outlet centre, since we opened almost seven years ago. The benefits are so strong that this is also Quintain’s go-to lease for retail and leisure at its £3bn, 85-acre Wembley Park. I’ve read the criticism from landlords who say: ‘We have our own business…

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Borough Market, London. Photo by Joe Stubbs on Unsplash

Property industry renews call for rent support scheme to help prevent CVAs

Prior to Rishi Sunak’s mini-Budget, the British Property Federation (BPF), Revo, the British Retail Consortium (BRC) and UKHospitality called on the government to introduce a Furloughed Space Grant Scheme, based on a similar scheme in Denmark. The initial proposal was revised after the government indicated the scheme was too expensive, with the cost more equally shared between government, tenant and landlord. But the chancellor opted to back VAT cuts and Eat Out to Help Out in an attempt to support the retail, leisure and hospitality sectors instead. Industry leaders said…

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Made in Dagenham Studios

Property future scans from London to Paris via ‘Dagwood’

Propertyshe perspectives: The old high street model is dead, localism on steroids needed, Dagwood is the place to be for film makers, and don’t throw out the baby with the bathwater By Susan Freeman With the latest grim news of retail closures from high street stalwarts such as John Lewis and Boots putting thousands of jobs at risk, the pressure on retail continues to grow. The demise of the old high street model is something that retail veteran Bill Grimsey has been banging on about for years. However I’m not convinced…

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