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Rent relief not for retailers' offices

Interesting report in The Times on Thursday 14 July 2022 on what is believed to be the first award made under the arbitration scheme established under the Commercial Rent (Coronavirus) Act 2022 for resolution by arbitration from March 2022 of matters arising on relief from payment of protected rent debts due under a business tenancy during the pandemic.  

In short it has been concluded by the arbitrator that rent relief during the pandemic was not for retailers' offices, only their shops. Interesting development in a sector where real impact of WFH is starting to be felt. Decisions like this will affect landlords and tenants alike, as both seek to recover from the last two years. This is the first award of its kind, and will go on to shape any similar applications made under the UK’s Commercial Rent (Coronavirus) Act 2022.

#knowtheoptions

The owner of Ernest Jones and H Samuel, the jewellery retailers, has been ordered to pay its landlord £450,000 in unpaid office rent that it had tried to get out of paying during Covid restrictions.

Tags

restructuring & insolvency, real estate

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