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Increase in vacant shops

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It has been reported again that the number of shops vacant in town centres increased again last month.

Times are still tough for high street shops, no doubt the Olympics will boost trade in London and the South East but the pressure still remains on shops in the rest of the country.

For a landlord this can cause concern an empty shop means that the landlord is left with the costs of repairs, insurance and outgoings including rates. If landlords are going to find a tenant they will also have to consider terms of a lease which a few years earlier they would ever have entertained. Most tenants are now looking for short term leases with flexible break clauses. My advice to landlords is that they need remain open minded and consider short term lets even for say 12 months or less; reduced rent or rent free periods and/or rolling break options.

New tenants are uncertain about the market and are therefore reluctant to enter into long leases. Landlords needs to keep in their minds that by letting the property out a lot of the expenses are taken on by the tenant and hopefully if the tenant’s business does well the lease can be renewed after the short let has expired in any event.

If you are a landlord or tenant thinking of negotiating a lease please feel free to make contact with me I would be happy to assist. We provide fee fixed quotes for most transactions.

Christie Limb

01623 448302

climb@fidler.co.uk

 

 

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