Following an article last week where we called on landlords to recognise a need to reset rent and rates imbalances, we are delighted to report on a lead being taken by The Crown Estate.
The Crown Estate is the largest property owner in London’s West End and as such is home to many of the UK’s landmark restaurants.
As Covid-19 continues to decimate the UK restaurant landscape landlords and restauranteurs need to work together to weather the worst economic storm seen in living memory.
We contacted The Crown Estate to understand what they as the largest property owner in London’s West End were doing to work with and help restauranteurs. James Cooksey, Director of The Crown Estate’s Central London portfolio, told us: “This is a difficult and uncertain period. We want to play our part in supporting our customers where we can and are focusing our help where we believe it can make the biggest difference, such as for small and independent businesses.
“For a number of our restaurant operators, who are facing particular challenges at this time, we have offered the option to move to more of a turnover based structure for the coming period, on a case by case basis, as part of the safe and sustainable reopening of the West End.”
It will be interesting to monitor how many other landlords take a similar position and work with restaurants and other hospitality businesses throughout the UK to see a re balance of rent in line with current economic circumstances.
We would like to thank The Crown Estate for their statement and wider help this morning.
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Help on restaurant rent – Help on restaurant rent