Our News page provides you with a snapshot of industry-related and legal developments which are likely to be of interest to landlords and managing agents of commercial property.
20 February 2012 – NW Store Openings Outweigh Closures in 2011 - In some positive news for the North West, newly published research has shown that the region managed to make more store openings than closures in 2011. The study carried out by the Local Data Company together with PwC reveals that a total of 515 outlets opened on the region's high streets in 2011, outweighing the 507 closures by eight, making the North West was one of the best performing parts in the country.
Across the UK, a total of 5,268 stores closed across the UK last year; 174 more than the number of stores opening. London had the highest closure rate of 1,084, a shortfall of 101 outlets, while the West Midlands performed the best with 17 more shops opening than the 399 which closed.
19 January 2012 –
Continued Success at Expressway Business Park, Runcorn - Avi Barr has recently acted for the landlord of Expressway Industrial Estate in Runcorn in a letting to Halton Haven Hospice. The signing ceremony celebrated the Charity taking a second unit at Expressway and was attended by the mayor of Runcorn, Councillor Keith Morley who has adopted the Charity as one of his nominated causes for the year. The Charity, whose fundraising arm is led by Paula Widdas, aims to raise over 2 million pounds per year and uses its units at Expressway to store and sell second hand furniture donated by supporters.
Expressway is one of the biggest success stories in the North West with occupation rates bucking current trends and standing at above 90%. The industrial estate is operated by joint landlords, Cheshire-based developer Pochin PLC and Halton Borough Council. Avi Barr said “The success at Expressway is in a large part due to the flexible lease terms offered by the landlord and is enhanced by experienced surveyors at Matthews and Goodman in Liverpool and the recognition by all parties that once a deal is agreed, leases need to be produced and negotiated quickly to ensure successful lettings. Our specialist lease department, “Leases for Landlords” within Read Roper and Read is ideally equipped to assist with this requirement.”
05 August 2011 – Landlords are once again entitled to compel tenant's guarantors to enter into Authorised Guarantee Agreements (AGAs). The ruling was made last week in the Court of Appeal, overturning the High Court Ruling decision in Good Harvest Partnership LLP v Centaur Services Limited. Until the Court of Appeal ruling it had been thought that on an assignment of a post 1996 lease only the outgoing tenant could be compelled to enter into an AGA. The latest ruling takes landlords back to what many thought was the position. Tenants and their guarantors can now be called upon to provide the AGA in the event of an assignment.
06 April 2011 – As of today leases will be affected by EC Competition Law. Exclusivity arrangements with market-leading tenants (holding in excess of a 15% share of their market) are the types of deals which will come under scrutiny. If exclusivity agreements entered into after today are regarded as anti-competitive a landlord could potentially be fined up to 10% of its annual turnover. The OFT has provided more information here.
10 March 2011 – Leading industrial letting agents CB Richard Ellis are forecasting a rise in industrial rents in the North West. In 2010 the North West saw one of the largest annual demands for large warehouses for nine years. This growth combined with a slowdown in speculative building has led to a shortage of supply - and from a Landlord's perspective increased optimism that rents will continue to pick up.
17 May 2010 – Crains Manchester features Avi Barr in its "Rising Star" column following his recent appointment as a Partner at Read Roper and Read. To see the article, click here
06 May 2010 – Read Roper and Read has appointed Avi Barr as a Partner. He joins Andrew Fairlie and Andrew Kay in the partnership. Andrew Kay, the firm's Senior Partner said, "We recognise the tremendous enthusiasm and capabilities that Avi has brought to the firm. His Leases for Landlords concept has enabled the firm to grow its client base significantly despite the testing economic climate with its focus on offering a unique service for commercial landlords." The Leases for Landlords department has also recently appointed Craig Mullen, a three-year qualified commercial property solicitor with expertise in commercial landlord and tenant work. Craig was formerly at the Leeds office of national law firm, Cobbetts.
19 February 2010 – Leases for Landlords has just produced its inaugural legal update. You can click here to download your copy. Topics include claiming arrears from the administrator of an insolvent tenant, EPCs on assignments and underlettings and the possibility of achieving double rent from an unwelcome tenant.
11 January 2010 – Head of Leases for Landlords, Avi Barr, was featured in an article in today's "Crains Manchester Business" discussing the length of time it is taking administrators to divest themselves of the First Quench portfolio of properties. First Quench entered administration at the end of October 2009 and several of our clients are still awaiting the return of their properties. To read the full article click here.
10 January 2010 – Could foreign buyers provide a much needed stimulus to the commercial property market? According to the Financial Times, foreign buyers, taking advantage of price falls and the weak pound, are flooding the London property market.
Savills' estate agents report a sharp increase in the number of overseas buyers and inquiries. The recent cuts in the base rate are expected to boost demand further and, according to Savills, the last interest rate cut generated an almost immediate surge in international inquiries.
04 January 2010 – Leases for Landlords is celebrating its first birthday by upgrading the complimentary services we offer our clients. The main highlights are the introduction of a multiple user option and our automated updates service. The multiple user facility is designed for organisations with a number of people who wish to be able to access our portal or receive our emails or text message services to be kept fully up to date. It will assist those clients who work closely with their agents and wish them to be kept fully updated. We also now offer an automated reminder service which will send you (or any other contacts you wish to include) an email in advance of key dates in the life cycle of a lease or licence arrangement – be it a break clause, rent review date or the end of a lease. Although this service cannot replace your own management systems, it will no doubt prove to be a helpful backup for our clients.
30 June 2009 – According to Property Consultants Lambert Smith Hampton, Manchester may benefit from its more affordable office space in comparison to London and the South East. LSH has reported increased enquiries especially for smaller leasehold properties. "Leases for Landlords" has also noticed increased demand in the North West with new instructions for this region in June 2009 increasing by 28% from the April 2009 figures.
23 April 2009 – Zurich, the insurer which provides insurance to a number of commercial property firms has recently carried out a review of problems arising from commercial break clauses. We would always recommend handing any break notice which you receive as a landlord, to your solicitor for review. Generally, the law requires the tenant to comply absolutely with any conditions relating to exercising the break clause which are contained in the lease. In one noted case the Court ruled that a tenant was unable to exercise a break clause. The lease required the tenant to redecorate with three coats of paint – the tenant applied two. By closely examining the lease and any break notice, landlords can improve their bargaining position where any aspect of the procedure has not been followed by the tenant.
