Article | Implications for landlords and tenants of entering rent turnover deals
8th January 2021
The commercial real estate market has been disrupted by COVID-19 and the Coronavirus Act 2020, and no sector more so than the bricks and mortar of the retail industry. Footfall has plummeted to 15% of pre-pandemic levels, and retailers have been forced to close, re-open and close again, and to operate under the strangest social restrictions ever imposed. Landlords and tenants attempting to find a way to share the economic struggle often agree a rent based on a percentage of the turnover generated by the store.
What should landlords and tenants know about the
legal and mechanical framework before proceeding with a turnover rent deal?
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