ICELAND RENEW LEASE IN BEESTON

Professional Services News

The rent on lease renewal of the Iceland unit at 75-79 High Road, Beeston from March 2011 has been settled at 10% below the previous rent.  The new lease is for a term of 5 years at a rental of £61,000 per annum compared with the old rent of £68,000 per annum agreed on review in June 2005.

Mark Bradley of FHP who represented the private property company landlord commented:-

“As the market adjusts to the mechanisms of supply and demand due to the economic climate, the downward trend of retail property rental values is generally in evidence on lease renewals as retailers consider their options on lease expiry and landlords are fearful of being left with an empty unit.  Rental values in many other towns and cities have fallen by considerably more than 10% over the last 5 years and therefore it was pleasing to be able to secure a settlement at only 10% below previous levels.  The new rent equates to £41 Zone A.”

 

For further advice on retail property lease renewals or rent reviews, Mark Bradley can be contacted on 01332 224852 / email markb@fhp.co.uk