ALT EXAMPLE - MAGAZINE - PORTFOLIO - Flipbook - Página 63
COMMENT
B
C 20.7 M 2.7
Y
RENEGOTIATION IS KEY FOR
TENANTS AND LANDLORDS
IN CHALLENGING MARKET
By Richard Rafique, director and head of professional services at Bradley Hall
We couldn’t have predicted what this
year would bring and how challenging it
would be for both businesses and
landlords. The initial rumblings of the
pandemic at the start of the year brought
an uncertainty which has continued
throughout the remainder of 2020 – and
many businesses simply do not know
what the next week, month or year will
bring.
For those who benetted from the
safety net of funding from the
government, this support has now
wavered thin with noticeable
inconsistency in the support oered to
companies depending on which tier they
fall in to, meaning that both businesses
and investors now must think creatively to
survive.
The ability to adapt to market needs
and economic factors is key to ensuring
business and nancial success, however it
seems that now most businesses which
are able to innovate have exhausted most
of the apparent options and are now
thinking ‘what can we do next?’.
At present, it seems like a lose-lose
situation for many, businesses can’t pay
rent, landlords don’t get their income and
are still required to meet their nancial
commitments for owning the property.
In the current situation it is
understandable that everyone is acting in
their own best interests, looking after
their assets and futureproong their
business or assets for both themselves
and their employees. This often makes it
dicult for landlords and tenants to
negotiate with one another, as each is
ISSUE 10 : AUTUMN 2020
prioritising their own concerns. Landlords
and tenants would benet from
professional negotiations to achieve a
solution which benets both parties.
Property experts are able to establish a
benecial agreement between the
landlord and tenant in order for both to
gain nancial stability. For example, a rent
reduction, or holiday can be negotiated, in
return for a longer commitment from the
tenant.
Now more than ever, there is an
opportunity for us to create win-win
situations which will help to support
businesses and employment, especially
amongst the SMEs which our region has
become successful in producing and
supporting. These negotiations will
protect investors and landlords and to
maintain the buoyancy of our local
economy within one of the most
challenging times we’ve faced.
If you are a tenant or landlord and
would like to see how our team of
expert chartered surveyors could help to
support you during this challenging time,
please call 0191 232 8080.
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