At The Lorenz Consultancy, we are being called upon for advice by clients across a range of sectors in these uncertain times. We are also providing our input and insight to the press about the impact of the Coronavirus on the commercial rental market.
This weeks Property Week spoke of a ‘hospitality bloodbath’, and featured a quote by Richard Russell, Head of Lease Advisory at The Lorenz Consultancy.
“If something is not done or there isn’t a change in the moratorium, there could be a bloodbath out there, with a number of restaurants closing and never reopening. There will be casualties whatever happens, but the number of casualties is dependent upon how the relationship with the landlord and tenant goes.”
You can read the full article here.
Russell also featured in an article written by Joanna Partridge’s on current tensions between commercial Landlords and Tenants which appeared in last Sunday’s Observer (12 April).
Joanna has called out two quotes of Richard’s, outlined below, but you can read the full article here: Struggling retail landlords watch rents dry up in the pandemic
Richard Russell says two-thirds of Landlords are offering some flexibility. “You’ve got to have transparency between the Tenant, Landlords and Financiers. The Landlords want to protect income through this, but don’t want to be left with vacant units.”
Russell also believes an extension is needed, as Tenants and Landlords are already discussing next quarter’s rent. He warns: “There will be a bloodbath in June if tenants are forced to pay double rent: lots could go to the wall.”
If you are a Landlord or Tenant and you need any advice in this unpredictable environment, please do not hesitate to contact Richard on 07827 291257. You can also watch our online webinar.
