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12/09/2008
Rent debate continues between retailers and landlords |
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The debate between retailers and landlords over leases continues after a meeting between the two failed to resolve the issue of whether rent should be paid monthly or quarterly.
There has also been disagreement over who would pay for the change if rents were to move from quarterly to monthly, Propertyweek.com reported.
Agreement was reached on new leases at the meeting of the Owners' and Occupiers; Property Forum.
It was decided that landlords would need to be flexible on payment terms on new leases and should be prepared to offer monthly payment in advance if retailers requested it.
However, if there is an existing lease, the forum has agreed that "it should not support actions to alter terms unilaterally, which would create a breach of the lease", Propertyweek.com reported.
Richard Daffern, retail lease expert and acting head of retail at law firm Pinsent Masons, said: "Retailers can try and set the agenda for future rent negotiations but they need to think very carefully before acting unilaterally."
Mr Daffern stated that anyone who paid rent monthly when the lease requires it to be paid quarterly would be in clear breach of their contract. |
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