Fashion retail sale signs. Photo by Artem Beliaikin

Legal opinion: protection for UK retailers with Covid-19 rent arrears

The UK Government’s publication on Friday of a code of practice for commercial property relationships during the COVID-19 pandemic provides useful guidance for landlords and tenants alike throughout all parts of the UK. The code has been developed with support from the retail, leisure and property sectors and seeks to balance the interests of landlords and tenants. It states that tenants should continue to pay rent in full if they can or pay what they are able to, while encouraging landlords to support businesses where possible. While adherence to the…

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Tencent plans smart city the size of Midtown Manhattan

China’s Tencent is looking to build its own city, called Net City, including corporate offices, apartments and a school on a 21-million-square-foot development the size of midtown Manhattan, The Wall Street Journal reported. Jonathan Ward, design partner for project architect NBBJ, said the idea is a “sustainable city of the future,” WSJ reported. The multinational conglomerate is planning the real estate development for Shenzhen, with construction slated to begin later this year, WSJ reported. The land will face a bay and sit on 320 acres of government-owned land. Sports facilities,…

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A closed and more or less deserted Putney HIgh Street during the covid health crisis. Photo by John Cameron on Unsplash

UK Government code of conduct on commercial rent is ‘boost to high street’

The government is working with leading businesses and trade associations to publish a code of practice to support high street businesses through coronavirus. Code will help guide and encourage all parties to work together to protect viable businesses and ensure a swift recovery UK Finance confirms lenders continue to show flexibility to commercial borrowers High street businesses and landlords are set to benefit from a new code of practice, which is in development to provide them with clarity and reassurance over rent payments. High street businesses and landlords are set…

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